SC asks Parsvnath to refund home buyers; builder says it can`t repay

Zee Media Bureau

New Delhi: Days after the Supreme Court asked real estate major Unitech to refund home buyers money for delayed housing project, it is now time for Parsvnath.

The apex court has 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

NCDRC had in May directed Parsvnath to refund the entire amount paid by around 70 home buyers in the Exotica project in Ghaziabad with 12 percent interest for failing to complete the project on time.

Earlier this month, SC had directed Unitech to refund money to investors in a delayed Noida housing projects – Burgundy at Sector 96 and and Vistas in Gurgaon to which Unitech said that it doesn’t “have money to refund buyers.”