SC to Unitech: Allot flats or refund money by March 2018

Team SoOLEGAL 9 Sep 2017 11:05am

SC to Unitech: Allot flats or refund money by March 2018

Promising a flat, plot or refund to all investors in Unitech's housing projects, the Supreme Court told the realtor's incarcerated managing director Sanjay Chandra that he has to settle with each and every homebuyer by the end of this financial year, that is March 31, 2018.

Deferring the consideration of Chandra's plea for interim bail till September 15, a bench of CJI Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud said, "You (Chandra) have to pay back money or allot flats or plots to all investors by the end of this financial year. We do not know where you will arrange the money. But you have to do it for all projects of unitech."

The bench appointed advocate Pawan Shree Agrawal as amicus curiae and asked him to compile project-wise details of the money so far received from home or plot buyers by Unitech for its various projects. The bench also asked all homebuyers to furnish their choice flat, plot or refund on an affidavit and submit it to the amicus curiae to help him compile data for the court.

Chandra's counsel pleaded that his client had complied with the conditions imposed on him by the court he deposited a total of Rs 20 crore and sought interim bail.

My client wants to settle with each and every homebuyer. But for that he needs to go to his office to work out a detailed plan," Chandra's counsel said.

The counsel also said that as per the SC's direction, Chandra had tried to allot 125 flats to homebuyers in its three projects in Noida on an 'as is where is' basis but some investors have written mails and conveyed on telephone that they would rather wait for the project to be completed and take possession of a finished flat. "So, my client has fulfilled the SC mandate and deserves interim bail to work out a settlement with all investors," the counsel said.

Chandra was arrested on the basis of a complaint filed on behalf of 158 investors in Unitech's Anthea project in Gurugram. However, during the hearing on September 1, the SC indicated that it would take into consideration the plight of homebuyers who had invested in all housing projects of Unitech after investors in three more projects Vistas in Gurgaon and Burgundy and Amber in Noida sought relief.

On Friday, investors in another project, Residences in Gurugram, joined in seeking refund or allotment of flats. The court told Chandra that even if it granted him interim bail next Friday, it would ask him to periodically deposit substantial amounts with the court registry to refund homebuyers.

But the bench asked Chandra to wait till next Friday. "Let the detailed chart on various Unitech projects, the money invested by buyers and their choice come before us. We will consider grant of interim bail on Friday," the bench said.

Source: TimesOfIndia

Tagged: homebuyer   CJI Dipak Misra   Supreme Court   unitech housing projects  
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