SC directs Unitech to give compensation to homebuyers
September 20, 2017The Supreme Court directed the Unitech developer to give compensation of Rs. 80,000 each to 39 homebuyers of Unitech's Vistas project in Gurgaon, towards litigation cost. The homebuyers had sought a compensation of Rs. 1 lakh each towards mental agony and litigation cost. The buyers had already been paid the principal and 14 percent interest by Unitech according to the Supreme Court's previous order. The Vistas project in Gurgaon, now officially called Gurugram, was supposed to be handed over in 2012.
These flats were booked in 2009 but after Unitech failed to deliver the flat within stipulated time period, the homebuyers moved National Consumer Disputes Redressal Commission (NCDRC) and the consumer forum then ordered Unitech to pay the principal with an interest of 18 percent, in 2014. Later, the Unitech developers had appealed to the Supreme Court.
Related Post: Unitech Developers in police custody over a fraud case
In another development in real sector news is that, Noida authority filed its claim for Rs 650 crore land dues on Amrapali Silicon city. The claim of Noida Authority is submitted to Interim Resolution Professional team. Amrapali Silicon City is located in Sector 76, Noida. The National Company Law Tribunal (NCLT) had earlier admitted a petition of Bank of Baroda against Amrapali Silicon City over a loan default.
Related Post: Noida Authorities to recover Rs.650 cr dues from Amrapali Silicon City project
Earlier, the Supreme Court had stayed insolvency proceedings against real estate firm Jaypee Infratech on a plea seeking protection of interests of hassled homebuyers who have neither got a home nor refund.The real estate sector is facing a multi-year slowdown, leading to delays in the handover of projects, forcing buyers to protest on streets and approach courts.
These flats were booked in 2009 but after Unitech failed to deliver the flat within stipulated time period, the homebuyers moved National Consumer Disputes Redressal Commission (NCDRC) and the consumer forum then ordered Unitech to pay the principal with an interest of 18 percent, in 2014. Later, the Unitech developers had appealed to the Supreme Court.
Related Post: Unitech Developers in police custody over a fraud case
In another development in real sector news is that, Noida authority filed its claim for Rs 650 crore land dues on Amrapali Silicon city. The claim of Noida Authority is submitted to Interim Resolution Professional team. Amrapali Silicon City is located in Sector 76, Noida. The National Company Law Tribunal (NCLT) had earlier admitted a petition of Bank of Baroda against Amrapali Silicon City over a loan default.
Related Post: Noida Authorities to recover Rs.650 cr dues from Amrapali Silicon City project
Earlier, the Supreme Court had stayed insolvency proceedings against real estate firm Jaypee Infratech on a plea seeking protection of interests of hassled homebuyers who have neither got a home nor refund.The real estate sector is facing a multi-year slowdown, leading to delays in the handover of projects, forcing buyers to protest on streets and approach courts.
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