SC orders Parsvnath builders to refund Rs 22 crore to 70 flat buyers

Ghaziabad,Oct18:The Supreme Court on Tuesday directed real estate developer Parsvnath to refund Rs 22 crore to 70 flat buyers in its Exotica project in Ghaziabad.

The buyers, whose flats have not been delivered yet, had approached the top court seeking refund.

According to the court’s order, Parsvnath has to deposit Rs 10 crore till December 10. The developer has already deposited Rs 12 crore, according to the court’s order last month.

The flat buyers can claim refund after verification of documents. The payment of interest by the developer will be later decided by the court. The next hearing is scheduled for December 14.

Parsvnath’s Exotica project hit a roadblock after the Ghaziabad Development Authority cancelled its revised plan of construction.  In an earlier hearing, the company told the court that it will take another year to complete the project.

Parsvnath had earlier told the court that it would not be able to pay the amount as it would lead to a rush of customers wanting their money back.