The Supreme Court on Friday ordered real estate giant DLF to pay 9 per cent interest to 50 buyers for the delay in handing over possession of flats in Haryana’s Panchkula town, adjoining Chandigarh.
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Parsvnath, however, expressed its inability in the apex court to refund money to flat buyers. However, the court has refused to grant any relief to the real-estate player and has asked for a payment schedule.
“We had booked the flats in 2007”.
When they were not given possession of flats, they had approached the Consumer Commission. He said the company registered a loss of Rs 400 crore in the last financial year and was suffering from severe liquidity crunch. “Possession for 156 buyers is remaining which will be handed over by November-end”, DLF’s counsel Kapil Sibal informed the court.
“It would amount to mad rush, everyone will seek money that we will not be able to pay”, he said.
The company has been embroiled in multiple cases filed by buyers involving projects such as Unitech E Space and Escape in its Nirvana Country Township and South Park at Sector 70 and Vistas in Gurgaon.
DLF informed the court that they would give possession to all those who had booked these properties in Panchkula by November-end. Advocate M L Lahoty, appearing for the aggrieved home buyers, however, insisted for refund of money and told the bench that Ghaziabad Development Authority had even withdrawn the sanction for the project.
“You do what you have to do with the GDA”.
Not saying anything on the submissions by Dave, the court made two corrections in its August 12 order and directed the further hearing of the matter on September 15.
Parsvnath Developers has moved the Supreme Court against the apex consumer commission’s order asking it to refund the money to 70 buyers along with interest.
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The court was told that 854 flats were to be constructed in the project and 818 buyers had booked the flats.
