SC asks Unitech to pay depositors' money within eight weeks

The Supreme Court on Monday asked real estate company Unitech to pay the depositors' money within eight weeks, while posting the matter for further hearing after summer vacation.

A bench of the apex court headed by Justice Dipak Misra was hearing the matter and pleas filed by Atul Gupta and others for not getting the flats as promised by the builder.

The court while asking the home buyers to accept the principal amount and 14 percent interest on it for now, assured them that the final computation of the interest will be done when the case comes up for final disposal after vacation.

Earlier on April 24, the top court had warned Unitech, saying that if the company fails to deposit the amount of interest on or before May 8 then it might be forced to take a coercive decision like attaching the property.

A Delhi Court earlier on April 10 granted an interim bail of three months to both promoters - Ajay Chandra and Sanjay Chandra - in the Unitech case.

The court was hearing the alleged fraud case related to real estate major Unitech Ltd promoters in connection with its delayed housing projects in Noida and Gurgaon.

The buyers were not handed over their flats on time following which they knocked the doors of the apex court seeking a direction to the real estate for getting timely possession and compensation.

The court earlier on April 7 extended the police custody of Ajay and Sanjay by three more days.

The Economic Offences Wing sought extension of remand to seize documents from their offices.

Unitech Vistas, a project with 1,265 apartments in Sector 70 of Gurugram, was launched in 2009, and was scheduled be delivered in December 2012.