1. After Unitech, Parsvnath Developers tells SC that it is facing funds crunch and can’t refund homebuyers

After Unitech, Parsvnath Developers tells SC that it is facing funds crunch and can’t refund homebuyers

While cracking the whip on the company, the apex court asked Parsvnath Developers to provide a refund schedule to the homebuyers of Ghaziabad project. Around 70 flat buyers have sought refund for investing in the project and had moved SC in the matter.

By: | Updated: August 26, 2016 3:22 PM
 After Unitech, Parsvnath Developers tells SC facing funds crunch and can't refund homebuyers While cracking the whip on the company, the apex court asked Parsvnath Developers to provide a refund schedule to the homebuyers of Ghaziabad project. Around 70 flat buyers have sought refund for investing in the project and had moved SC in the matter.

After Unitech, another builder Parsvnath Developers has told the Supreme Court (SC) that it cannot refund home buyers of its delayed project in Ghaziabad – Parsvnath Exotica as it is facing financial difficulties, according to TV reports. While cracking the whip on the company, the apex court asked the real estate company to provide a refund schedule to the homebuyers of Ghaziabad project. Around 70 flat buyers have sought refund for investing in the project and had moved SC in the matter.

Citing financial difficulty, the real estate company told SC that it had loss of Rs 400 Cr in last fiscal.

Parsvnath Developers reportedly told the apex court that there will be a ‘mad rush if the entire amount is refunded to 854 home buyers’. The company further added that it would try to complete the project in next 12 month. Earlier this month, the Supreme Court had asked Unitech to deposit Rs 15 crore for its unfinished project in Gurgaon. It asked Unitech to pay Rs 5 crore within 2 weeks and the rest Rs 10 crore has to be paid by September end.

In May this year, National Consumer Disputes Redressal Commission (NCDRC) had asked Parsvnath Developers to refund the amount paid by 70 home buyers in its Parsvnath Exotica project in Ghaziabad with 12% interest for delaying the project.

Shares of the company were trading 2.16 per cent down at Rs 18.15 at 1.15 pm.

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