Pressure on builders to comply with terms of agreement with home buyers

Days after the Supreme Court asked real estate major Unitech to refund home buyers money for delayed housing project, the apex court on Friday asked builders group Parsvnath to refund home buyers for delay in execution of a housing project in Ghaziabad.

Over 70 home buyers have sought refund for its Exotica Project in Ghaziabad. However, the builder has expressed inability to refund the money citing ''financial difficulties''.

The National Consumer Disputes Redressal  Commission (NCDRC) had in May directed Parsvnath to refund the entire amount paid by around 70 home buyers in the Exotica project in Ghaziabad with 12 per cent interest for failing to complete the project on time.

Earlier this month, the Supreme Court had directed Unitech to refund money to investors in a delayed Noida housing projects – Burgundy at Sector 96 and Vistas in Gurgaon to which Unitech said that it doesn't ''have money to refund buyers.''

The Supreme Court has also directed Unitech Ltd to give possession to home buyers for its Panchkula Valley project by 30 November (See: SC grants Unitech time till 12 Aug to compensate home buyers).

Out of 14,000 home buyers in Panchkula Valley, 50 are yet to get possession. The apex court has also directed DLF to either meet the deadline or pay 9 per cent interest on further delay.