The Supreme Court ordered Unitech Ltd to cough up Rs 15 crore for disbursement to people who had bought flats in the real estate firm’s housing project in Gurgaon and Noida but did not get possession.
Unimpressed by its argument that it cannot refund investors, the Supreme Court Wednesday ordered Unitech Ltd to cough up Rs 15 crore for disbursement to people who had bought flats in the real estate firm’s housing project in Gurgaon and Noida but did not get possession.
A bench of Justice Dipak Misra and Justice Uday U Lalit directed Unitech to deposit Rs 5 crore within two weeks and another Rs 10 crore in the apex court registry by September-end to refund 38 investors.
“We feel pained when buyers are harassed by builders,” remarked the bench, while making it clear that the firm would have to shell out money to pay back people who invested in properties.
“You tell us how will you pay? We will later consider whether interest will be paid to them (investors),” the bench asked senior advocate Kapil Sibal, who appeared for Unitech.
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Sibal replied that the firm was willing to offer alternative accommodation to the buyers for which Unitech would
bear the rent.
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