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SC orders Parsvnath Developers to deposit Rs 12 cr within 4 weeks for Ghaziabad project delay

The Supreme Court has asked Parsvnath Developers to deposit Rs 12 crore in the court within four weeks in a case related to delay in possession of Parsvnath Exotica project in Ghaziabad.

By: | Updated: September 16, 2016 10:14 AM
parsvanath developers 660 The Supreme Court has asked Parsvnath Developers to deposit Rs 12 crore in the court within four weeks in a case related to delay in possession of Parsvnath Exotica project in Ghaziabad.

The Supreme Court (SC) on Thursday directed Parsvnath Developers to deposit Rs 12 crore in the court within four weeks in a case related to delay in possession of Parsvnath Exotica project in Ghaziabad. Around 70 home buyers have sought for a refund after the company failed to deliver possession of the flats on schedule.

Last month while pulling the realty major on delayed project, the SC had asked Parsvnath to submit a schedule on refunding money to home buyers for delay in the Exotica   project. The company had told the apex court then that it is facing financial difficulties as it had loss of Rs 400 core in last fiscal and could not refund the home buyers. However, its counsel had then told the court that it would give possession of apartment to buyers within a year.

A bench comprising justices Dipak Misra and C. Nagappan also declined to pass any order asking Ghaziabad Development Authority (GDA) to reconsider the issue of cancelling the approval given to Parsvnath for Exotica project. The bench also asked the counsel for 70 home buyers to respond on whether they would agree to the proposed deadline of December 2017 given by the developer and the quantified monthly rent.

Parsvnath Developers had also reportedly told the SC that there will be a ‘mad rush if the entire amount is refunded to 854 home buyers’.

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 per cent interest for delaying the project.

In August, the Supreme Court had asked also asked another realty major Unitech to deposit Rs 15 crore for its unfinished project in Gurgaon.

Share price of the company was trading 0.67 per cent down at Rs 14.75 at 11.47 am.

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