SC asks Parsvnath Developers to deposit Rs 12 cr for delayed Ghaziabad project – ( this should set a precedence for other builders / if they dont pay seize their asset’s / land banks )

Posted on Sep 15 2016 - 9:11am by admin

The Supreme Court on Thursday directed Parsvnath Developers to deposit Rs 12 crores with the court’s registry in four weeks in a case related to delay in possession of flats in the realtor’s Exotica project in Ghaziabad.

Around 70 home buyers have sought a refund after the company failed to deliver possession of the flats on schedule.

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

Parsvnath Developers had subsequently moved the apex court against the consumer commission’s order.

A bench comprising justices Dipak Misra and C Nagappan also declined to pass any order asking Ghaziabad Development Authority to reconsider the issue.

“If the refund is allowed to these buyers, floodgates will be opened with all buyers seeking refund,” Parsavnath Developers told the Supreme Court.

In an earlier hearing, Parsvnath Developers told the court that it will take another year to complete the project.

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