Supreme Court Wednesday directed real estate firm Unitech Ltd to deposit 15 crore rupees as principal amount by the end of next month to pay back investors who had bought flats in its Gurgaon project but not got possession on time.
A bench of Justices Dipak Misra and U U Lalit said that it is pained that so many investors are suffering. It directed the firm to deposit five crore rupees within two weeks and 10 crore rupees by end of next month in the apex court registry to pay back the amount to 38 investors.
The 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 per schedule. The consumer forum had asked the real estate firm to refund the money to the home buyers with interest.
Unitech challenged the order of the consumer forum in the Supreme Court which last month asked the company to deposit an interim penalty of 5 crore rupees. The next hearing in the matter will be on 4th of October.