Refund money to flat buyers: SC tells Unitech

Refund money to flat buyers: SC tells Unitech

With their patience on "burial pyre" home buyers who suffered due to inordinate delay in getting their flats from reality firm Unitech Ltd, today narrated their ordeal and anguish before the Supreme Court which directed the builder to refund their money.

In its ruling, the Bench said "it needs no special emphasis to state that the property developer has to respect the contractual commitment. The submission in a way rests upon the metaphor that 'Rome was not built in a day, ' but it serves no objective", the bench added, noting the anguish of the buyers.

"Builders have developed an attitude to make commitments to the purchasers and not fulfill them by delaying the projects", a bench headed by Justice Dipak Misra said.

It appointed advocate Pawanshree Agrawal as amicus curiae to identify the flat buyers in an appropriate manner before the Supreme Court registry to ensure that they get the money.

The court, in its order, noted the agony of the buyers as they told the bench that even after paying the entire amount they were still without a roof of their own and were living in rented accommodations. The flat buyers can claim the refund of the amount after the verification of the documents.

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"Why do you get into all this business when you can't pay back the money?" The apex court has been hearing separately a clutch of cases relating to refund to home buyers. "However, the honourable court has directed PBPL to deposit the remaining principal amount that is Rs 10 crore by December 10, 2016, in the Registry of Supreme Court", Parsvnath Developers said in a statement.

The Bench listed the case for further hearing on January 11, 2017.

It pointed out that the buyers are collectively making a demand for refund of money because they have fought the litigation with ceaseless vigour and enormous hope.

Subramanian Prasad, appearing for the firm, said as directed by the court, the company has deposited Rs 12 crore with the Supreme Court registry.

Lahoty contended that home buyers were interested in refund as over 95 pc of the money was paid to the developer in 2007 and they had committed to hand over the flats by 2011.