SC's ultimatum to DLF: Give possession to Panchkula Valley home buyers by Nov 30

The apex court has also directed DLF to either meet the deadline or pay 9 percent interest on further delay.

Last Updated: Aug 26, 2016, 13:30 PM IST
SC's ultimatum to DLF: Give possession to Panchkula Valley home buyers by Nov 30

Zee Media Bureau

New Delhi: Coming to the rescue of several home buyers, Superme Court on Friday asked realty major DLF to give possession to home buyers for its Panchkula Valley project by November 30.

Out of 14,000 home buyers in Panchkula Valley, 50 are yet to get possession. The apex court has also directed DLF to either meet the deadline or pay 9 percent interest on further delay.

Meanwhile, in another hearing today, the apex court asked Parsvnath Developers to refund home buyers and investors money in a delayed housing project in Ghaziabad.

 

However, the builder has expressed it inability to refund the money while citing “financial difficulties”.

Over 70 buyers have sought refund for its Exotica Project in Ghaziabad.

The real estate sector has been facing continuous slump in the country with several builders failing to finish project on time. This has come as a double whammy for home buyers, who are paying rent on one hand and pre-EMI to banks on the other hand.