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18-Aug2016

Supreme Court directs Unitech to refund Rs 15 crore to Gurgaon housing project investors

Unitech has been directed by the Supreme Court to deposit Rs 15 crore with the court registry representing the principal amount paid to the builder by 38 home buyers in its much-delayed housing projects Unitech Vistas in Gurgaon and another project in Noida. The builder has been given two weeks to deposit Rs 5 crore and the rest by September 30, 2015.

Earlier, more than two dozen 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 scheduled. The Commission has asked Unitech to refund the home buyers, with interest.

Unitech, one of the leading real estate companies, has several business segments relating to residential, commercial, Information Technology (IT) parks, retail, amusement parks, etc.


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