Parsvnath Developers Committed To Deliver All Projects in 1-2 Years

Parsvnath Developers is one of the biggest names in the real estate business with a lot of successful projects in its kitty. The company has been flourishing and has been operating smoothly without any complaints for a very long time however the company had to face the little problem when it had to deal with a lawsuit regarding the Parsvnath Exotica project. Parsvnath Developers posted a somewhat fragile arrangement of Q2 numbers. In a meeting with CNBC-TV18, Pradeep Jain, Chairman of the company bantered the Q2 execution and gave his position for the company’s future. In this case approximately 70 investors sued the company along with a legal counsellor.

This caused a huge back set to the company’s goodwill and the company had to face a bad reputation amongst the existing customer’s potential clients and public. The investors’ lawyer demanded that the parts were not should return the money that the customer have paid at the time of purchase. In an answer to this the company’s legal team set that the current market conditions the unfavourable and thus the court must extend the possession time. In this way the company will get time to wrap up all the promise agreement. After a series of argument the court favoured the investor and thus they won the case.

“We possess business properties that have a size of 1.38 million square feet, said Jain. He additionally specified that the association will move toward becoming obligation free in the following 2-3 years. We will adapt couple of benefits and will utilize the increases to pare obligation, he included. Discussing the endeavours, he said we will convey every one of our undertakings in the following 18 two years,” said Jain.

Another problematic issue that Parsvnath had to face was allegations that said that Parsvnath used the dominant position to cheat and manipulate the clients by using unethical terms and conditions however later the commission dropped the charges as there were more dominant players in the market and saying that they use their position wrongly is unjustified. It can be said that the company is facing a rough soil but calling Parsvnath Developer fraud or unethical is completely wrong. The company is working to reconstruct its financial arrangements to regain its prosperity in the industry and claims to bring new enchanting projects for the market.

Parsvnath Developers Case – Facts You Should Know

Parsvnath has been a prevalent real-estate firm which has been starting housing and business projects in various parts of the nation. In any case, since some time, the organization has been battling with the issue of ownership and this has transformed up into a Parsvnath court case. This has given a chance to the opponents to stigmatize the organization

Parsvnath Developers: Awarded Company Stuck in Court Case

“Parsvnath Developers” is a recognized name and has been a favored company in the industry from a long time. A lot many residential and commercial projects have been completed under the company’s prestigious name. However, the company has been facing some problem lately. The delay in handing over the possession has led to Parvnath court case. Here are the particulars of the case in detail:

Being in a debt of whooping RS 400 crore, Parsvnath Developers, the Real Estate Firm has given its words to Supreme Court that they will handover flats in Ghaziabad to their respective owners within a year.

Justice Dipak Mishra is hearing the company’s appeal against a National Consumer Disputes Redressal Commission (NCDRC) which has given the orders of refunding money to their 70 investor who invested in Parsvnath Exotica housing project.

In defense of this issued statement, advocate Dushyant Dave pleaded the court for pulling back this refund order by giving an assurance of allotting all flats within a year as company is in serious financial crisis.

The Justice panel however refused because the matter was listed before the court for deciding an application by the flat buyers. Further the justice panel gave the date of 15 September to Dave who argued on court’s statement of refunding the money.

Dave also requested for Supreme Court’s helping hand in order to solve the dispute with Ghaziabad development authority who denied the revised plan presented by Parsvnath and further cancelled the project in 2015.

Dave stated that the company will follow the initial plan with the help of Court in which 854 flats were constructed with 818 bookings in total.

Court also gave some spared time of handing over 50 flats in Panchkula, Haryana by November end to DLF which faced the same issue. Parsvnath Developer’s case has cost a lot to the company’s reputation. It is now to be seen what the company will do it get back its position and prestige.