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Have no money to refund home buyers: Unitech to SC

The bench asked the flat buyers to furnish their details by August 17.

By: Express News Service | New Delhi |
August 13, 2016 3:29:28 am
unitech-discuss-appointment 759 The bench asked the flat buyers to furnish their details by August 17.

Real estate firm Unitech Ltd told the Supreme Court Friday that it does not have money for home buyers who have sought refund over its delayed housing projects in Noida and Gurgaon.

“We don’t have money. If we had money, we would have constructed the flats and buildings and given to them,” senior advocate and counsel for Unitech Abhishek Manu Singhvi told a bench of Justices Dipak Misra and Uday U Lali.

The bench indicated to Singhvi that the firm will have to shell out money to refund investors and asked the flat buyers to furnish details of those interested in seeking refunds, and the amount sought from the builder.

The bench asked the flat buyers to furnish their details by August 17.

More than two dozen home buyers of Unitech’s housing projects in Noida and Gurgaon had approached the National Consumer Disputes Redressal Commission after the builder failed to give them possession of the flats as scheduled. The Commission has asked Unitech to refund the home buyers, with interest.

In July, the Supreme Court asked the company to deposit an interim penalty of Rs 5 crore with the court registry after the firm appealed against the Commission’s order. The court had said the penalty deposited with the court will be awarded to the buyers or returned to Unitech, depending on the outcome of the case.

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