Have complied with order, deposited interest: Unitech to SC

Real estate company Unitech has told the Supreme Court that they have complied with its direction and deposited 14 per cent interest on Rs 16.55 crores, invested by 39 home buyers at its Gurugram’s project

The lawyer representing Unitech, on May 8, 2017, told a Supreme Court bench comprising justices Dipak Misra and AM Khanwilkar that the firm has complied with the direction given by the apex court, to deposit 14 per cent interest on Rs 16.55 crores, invested by home buyers. The bench has asked its registry to distribute the money among the investors, on a pro-rata basis.

The court had, on April 24, 2017, directed the firm to deposit 14 per cent interest on Rs 16.55 crores, invested by 39 buyers and warned that failure to meet the deadline, could invite attaching the realtor’s property. These 39 home buyers had booked flats in Unitech’s Vista housing project in Gurugram. They had sought a refund of their principal amount, totalling Rs 16.55 crores with interest, after the developer, which had promised to give the possession by 2012, delayed it.

See also: Deposit interest or property may be attached: SC warns Unitech

The apex court, on February 20, 2017, had asked the developer to deposit interest on the money invested by these home buyers and had said that interest would be calculated from January 1, 2010. The bench had directed the registry to disburse 90 per cent of this amount to home buyers, on pro-rata basis, as was done while giving refund of the principal amount. However, it had said that the issue of compensation, would be deliberated upon later.

The court, on January 12, 2017, had directed that Rs 2 crores, deposited by Unitech with its registry as principal amount, be distributed among 39 home buyers. It had, in August 2016, directed the embattled real estate firm to deposit Rs 15 crores principal amount, by September-end to pay back investors and home buyers, who were not given possession of the flats on time.

The investors had told the court that they had paid money to the firm on time and the company was scheduled to hand over possession of the flats in 2012 but had not till date. Over two dozen home buyers of Unitech’s housing projects in Noida and Gurugram, had approached the National Consumer Disputes Redressal Commission (NCDRC), after the builder failed to give them possession of the flats as the per schedule. The consumer forum had asked Unitech to refund the money to the home buyers, with interest.


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