The Supreme Court on Friday has directed realty major Unitech to refund money to investors in a delayed Noida housing projects – Burgundy at Sector 96 and and Vistas in Gurgaon. The apex court has also sought list of buyers who want refund during next hearing scheduled on August 17. The builder has however, told the apex court that it doesn’t have money to refund buyers.
“We don’t have money. If we had money, we would have constructed the flats and buildings and given to them,” senior advocated A M Singhvi, the counsel for Unitech Ltd told the bench of Justices Dipak Misra and U U Lalit.
Earlier last month, SC had asked Unitech to pay interim compensation of Rs 5 crore to buyers by August 12. The court had also rapped the housing major and said that in case Unitech doesn’t compensate the flat buyers by the given time, its directors could be sent to jail and it will amount to contempt. The bench had then asked the three buyers to move a contempt plea against Unitech’s directors in case payment is not made.
The apex court was hearing a plea filed three flat buyers who are yet to get possession.
‘Burgundy’ residential housing project was launched by Unitech in its ‘Unitech Golf and Country Club township in 2010.