In a case related to delay in possession of Exotica Project in Ghaziabad, the Supreme Court on Thursday directed realty major Parsvnath Developers to deposit rupees 12 crores in court’s registry within 4 weeks. Around 70 homes buyers of the project have sought refund from the company over delay.

In today’s hearing, the Supreme Court has given two options to the complainants. Home buyers can either choose to take possession by December, 2017 with rent compensation or they can opt for refund with interest.

Parsvnath in its statement said “We are yet to receive the court’s order. However, the company will remain duty bound to comply with the directions of the court”

In the last hearing, the company argued over its inability to refund the amount to the buyers and assured that the buyers will get possession of the flats by next year-end.

Next hearing is slated on October, 18th.

Background

In May this year, the National Consumer Disputes and Redressal Commission had asked the developer to refund the principal amount to the buyers with 12% per annum interest after which the developer had moved Supreme Court seeking relief. The company had argued that it wishes to complete the project and honour the agreement, and, wanted more time.
Parsvnath Exotica project in Ghaziabad was launched in 2007 and the possession was promised by the end of 2011. The project has a total of 854 flats.

Reporter- Chanakya Bhatia