Deposit Rs 12 crore for delay in handing over flats, SC tells builder

The Supreme Court on Thursday asked real estate builder Parsvnath Buildwell to deposit Rs 12 crore with its registry as interest-bearing short-term deposit for delay in handing over possession to 70 flat buyers in a Ghaziabad project.

"We are inclined to direct the appellant (Parsvnath Buildwell) to deposit Rs 12,00,00,000 before the court registry within four weeks. The amount shall be kept in an interest-bearing short-term deposit in the UCO Bank on Supreme Court premises," said a bench of Justice Dipak Misra and Justice C. Nagappan in its order.

The court directed flat buyers' counsel M.L. Lahoty to obtain instructions from his clients as to whether they would accept a quantified monthly rent and the pro-rata interest accrued on the deposit and a deadline till December 31, 2017, to get possession of flats.

These flat buyers in Parsvnath Exotica's housing project had also approached the National Consumer Disputes Redressal Commission on the issue.

The order came as senior counsel Kapil Sibal, appearing for Parsvnath Buildwell, told the bench that they would hand over the possession of flats by December 2017 and in the meantime the buyers would be given monthly rent they were paying for their present accommodations.

The court directed for the next hearing in the matter on September 18.

--IANS

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