Deposit Rs 12 crore within four weeks in Ghaziabad delayed project: SC to Parsvnath Developers

On 15 September, Parsvnath Developers was directed by the Supreme Court to deposit Rs 12 crore with the court's registry within four weeks, in a case for a delay in possession of flats in the Parsvnath Exotica project in Ghaziabad.

Around 70 home buyers have sought a refund after the company failed to deliver possession of the flats on schedule.

In May 2016, the National Consumer Disputes Redressal Commission (NCDRC) had asked Parsvnath Developers to refund the amount paid by 70 home buyers in its Parsvnath Exotica project in Ghaziabad with 12% interest for delaying the project.

Parsvnath Developers had moved the apex court against the apex consumer commission's order asking it to refund the money to 70 buyers along with interest.

A bench comprising justices Dipak Misra and C Nagappan also declined to pass any order asking the GDA to reconsider the issue.

"If refund allowed to these buyers, floodgates will be opened with all buyers seeking refund," Parsavnath Developers told the Supreme Court.

In an earlier hearing, Parsvnath Developers told the court that it will take another year to complete the project.

--PTI