Parsvnath Developers

Supreme Court passed its verdict on Exotica Project delayed possession in Ghaziabad. On Tuesday, the Parsvanath Developers received order from the court to refund ₹ 22 crore to 70 people who bought homes in Exotica.

Parvanath Developers had deposited ₹ 15 Crore upon September 15 hearing and has been ordered to deposit ₹10 Crore further by December 10, as decided by the bench of justices – Dipak Misra, Amitava Roy and AM Khanwilkar. The principal amount was mistaken as ₹ 15 Crore on its last hearing instead of ₹ 22 Crore – as per ML Lahoty, the lawyer representing homebuyers. The lawyer confirmed that the filed affidavit by the builder stated ₹ 22 Crore as the principal amount and that all 70 homebuyers will now be receiving their share of refunds on pro-rata basis soon.

As per an email sent by the builder, the Parsvnath Buildwell had put emphasis in front of the court on the decided time of completion of the project as December 17 and that they were ready to give possession on the decided date. The building plan was subjected to revalidation procedure by Ghaziabad Development Authority. On August 26, the GDA cancelled the building plans for Parsvnath Exotica.

Homeowners are also directed to refund the customers their share as per development agreement. Parsavnath, in May, was asked to refund the entire amount to the 70 homebuyers who had paid for the homes. 12 per cent of interest was also charged for delaying the completion of the construction. Call on interest component in this hearing, is still to be taken.