SC directs Unitech to pay 14% interest to homebuyers

NEW DELHI: The Supreme Court directed real estate giant Unitech on Monday to pay interest at the rate of 14% per annum to 39 flat buyers whose money was refunded due to delay in granting possession of their homes in Vista project in Gurgaon.

A bench of Justices Dipak Misra, A M Khanwilkar and M M Shantanagoudar directed the company to calculate the amount of interest from January 1, 2010 and deposit the money within eight weeks before its registry. Unitech has already deposited around Rs 17 crore of principal amount which was disbursed among the buyers.

The court asked its registry to disburse 90% of the interest amount among the buyers and posted the case for April 3 to decide the amount of compensation to be paid because of harassment faced by them due to delay in completion of the project. The investors had told the court that they had paid the entire amount to the firm but the company had failed to honour its promise to hand over possession of the flats by 2012. They had contended they had been waiting for the last six years but the company had not finished the project, compelling them to seek legal recourse.

A company source said, “The company has already gone to the Supreme Court against a similar direction from NCDRC earlier. The appeal in the apex court has already been admitted. The company is waiting for the final verdict. Meanwhile, the company is working to complete the projects.“