1. SC directs Unitech to deposit 14% interest on Rs 17 crore withdrawn by 39 buyers of Vista housing project

SC directs Unitech to deposit 14% interest on Rs 17 crore withdrawn by 39 buyers of Vista housing project

The Supreme Court on Monday asked Unitech Private Limited to deposit 14% interest on Rs 17 crore, withdrawn by 39 buyers who had opted out of the Vista housing project

By: | Published: February 20, 2017 1:54 PM
unitech pvt ltd, vista housing project, unitech supreme court verdict, vista housing project supreme court, unitecg vista The apex court had further ordered the company to refund the amount to the 38 buyers as they had refused to rely on the assurance possession by 2017.(PTI)

The Supreme Court on Monday asked Unitech Private Limited to deposit 14% interest on Rs 17 crore, withdrawn by 39 buyers who had opted out of the Vista housing project. Earlier in January, the apex court had asked the Unitech builders to pay Rs 2 crore to the 39 flat buyers of the Vista housing project in Gurugram. The top court was hearing a plea which had been filed against the builders for delaying in the allotment of flats to the buyers. According to IE, the Supreme Court had also vacated the stay in several high courts and consumer courts against the company.

Earlier the Delhi High Court had stayed the court proceedings against Unitech following a petition by over a 100 buyers seeking the return of their money. The buyers had complained that they had not been allotted their flats in time. After which they had gone to the Supreme Court for a decision against Unitech. On October 19, last year, the SC had ordered a disbursement of Rs 15 crore which had been deposited by the real estate company’s builders in the court’s registry to investors on a pro rata basis.

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The apex court had further ordered the company to refund the amount to the 38 buyers as they had refused to rely on the assurance possession by 2017. Earlier in August, the SC had slammed Unitech on the failure to deposit Rs 5 crore by August 5, 2016, for the delay in completing the residential project Burgundy. Burgundy had been a project launched by the Unitech private Ltd on the Noida-Greater Noida Expressway. The Supreme VCourt had said that the company was liable to be in contempt of the court if it violated the settlement terms as directed by the apex court. Earlier, the firm’s counsel had told the apex court that Unitech did not have money, otherwise, they would have constructed the flats and buildings and given to the buyers.

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