Unitech to pay penalty to buyers for delay in Gurgaon project

Realty firm Unitech today said that the delivery of the flats in its housing project 'Residences' at Gurgaon got delayed and the company would pay the penalty to the buyers as per the agreement.
Unitech said this while responding to a clarification sought by BSE with respect to reports that buyers have filed FIR against the company.
"The matter pertains to a housing project known as Residences in Gurgaon, Haryana. All sanctions/approvals, no objections etc as required under the law have been procured by the company.
"Due to reason such as market recession, shortage of labour, ban imposed by the High Court on use of ground water for purposes of construction and delay in clearances from the regulatory authorities etc the delivery of the apartments to allottees got delayed," Unitech said in a filing to the BSE.

Unitech is developing over 1,300 flats in this project, which has been delayed by the 2-3 years.
The company said that the process of handing over of apartments in the project 'Residences' is already on.
"We reiterate that Unitech is a law abiding company and are in compliance with the laws of the land. Unitech is fully committed to handing over all the flats," Unitech said, adding that the company will pay penalty to the allottees as per buyers agreement for any delay in handing over the flats.