Parsvnath gets Supreme Court order to deposit Rs 12 cr in 4 weeks in Ghaziabad project

The money has to be deposited with the apex court over the next one month

FP Staff September 15, 2016 15:30:20 IST
Parsvnath gets Supreme Court order to deposit Rs 12 cr in 4 weeks in Ghaziabad project

Sending a strong message to property developers for taking buyers for a ride, the Supreme Court on Thursday pulled up real estate developer Parsvnath Buildwell and asked the realty firm to deposit Rs 12 crore.

Parsvnath gets Supreme Court order to deposit Rs 12 cr in 4 weeks in Ghaziabad project

Reuters

The money has to be deposited with the apex court over the next one month.

The Supreme Court also rejected the plea of National Consumer Disputes Redressal Commission asking for a stay. The court instead directed the company to refund money to 70 buyers whose flats were not delivered at its "Exotica" project in Ghaziabad.

The court has also asked buyers if they would accept rent and interest for having paid the builder money for booking their flats.

The consumer court last month had asked Parsvnath to refund the money with interest to buyers, but the company said it won't be able to pay the amount.

The company's Exotica project faced trouble after the Ghaziabad Development Authority cancelled the company's revised construction plan.

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