It seems to be a bad day for the real estate developers who are embroiled in delayed projects with home buyers. The Supreme Court on Friday asked real estate major DLF to give possession to flat buyers of DLF Valley Panchkula by Nov 30, 2016, according to news agency ANI. However, the apex court has reduced the compensation to be given to home buyers in the case and builder will now pay 9 per cent interest rate for the delayed project.
The reduction in interest rate came after DLF contested National Consumer Disputes Redressal Commission (NCDRC) order of paying 12 per cent interest rate to the home buyers who didn’t get the possession. According to reports, around 50 flat buyers are still awaiting the possession of the flats, which were to be handed to owners by 2013.
Meanwhile, in anoter imporant move, Supreme Court came down heavily on real estate major Parsvnath Developers over delayed projects and asked it to provide a refund schedule for the flat owners. The builder however told the apex court that it cannot refund homebuyers as it is facing financial crunch due to loss of Rs 400 crore in last fiscal. The case is relating to 70 flat buyers seeking refund for investing in the Ghaziabad – Parsvnath Exotica and had moved SC in the matter. Parsvnath Developers was asked by National Consumer Disputes Redressal Commission (NCDRC) in May this year to refund the amount paid by 70 home buyers in its Parsvnath Exotica project in Ghaziabad with 12 per cent interest for delaying the project.
Earlier this month, SC had asked Unitech to pay Rs 15 crore as refund to home buyers after it told that it doesn’t have money to refund.
Share price of the company was trading 1.17 per cent down at Rs 159.90 at 3.29 pm.