News: SC Tells Unitech To Pay 14% Per Annum Interest To 39 Vistas Home Buyers-22.02.2017
SC tells Unitech to pay 14% per annum interest to 39 Vistas home buyers
NEW DELHI: In a big setback to realty developer Unitech, the Supreme Court in an interim order on Monday directed the company to pay fine at the rate of 14% per year on the principal amount paid by 39 homebuyers of its Gurgaon's Vistas project for delay in delivery.
The interest would be applicable from January 1, 2010. This will be in addition to the Rs 16.55 crore principal amount that the company has already paid to the home buyers.
The interest component of 14% is not final and the interest might even go up, according advocate Pawanshree Agrawal, who represented the aggrieved buyers.
"Just half the battle is won till now. The court has fixed the interest component at 14%, however, it said that further decisions on the interest component and compensation would be taken at the next date of hearing," he informed.
The next date of hearing is scheduled for April 3.
A bench comprising Justice Dipak Misra, Justice AM Khanwilkar and Justice Mohan M Shantanagouder gave Unitech eight weeks to deposit 90% of the interest amount to the court's registry to pay to the concerned homebuyers.
"All of us are happy to see Unitech finally getting punished for the lapse. We hope that the court will give us compensation for mental agony as well so that we can buy homes," said Prasoon Dubey, one of the buyers.
Unitech in its response said only a percentage of the deposit (at 14% interest rate) is permitted to be withdrawn by the home buyers. "Various issues have been kept open and would be decided by Hon'ble Supreme Court in April this year," it said, adding, "Unitech has already ramped up its construction at various sites."
The Supreme Court in October last year ordered Unitech to refund Rs 17 crore to 39 homebuyers of its Gurgaon project Vistas for delay in delivery of flats, which the company complied with.
The National Consumer Disputes Redressal Commission (NCDRC) in June 2015 imposed a 12% penalty on Unitech for delay in delivery of flats in this project. The builder moved the Supreme Court against the NCDRC order in August 2015.
Launched in mid-2009, the project was to be delivered in December 2012.
