Will the Unitech case give positive signals to home buyers?

Zee Media Bureau

New Delhi: Real estate major Unitech Ltd top bosses, facing charges of alleged cheating, have walked out of Tihar Jail after spending a night in prison. But the message is clear for both developers and buyers –no more false promises!

The complain was filed by Sanjay Kalra and his business partner Devesh Wadhwa, who are chartered accountants by profession, had booked a property in Habitat Apartments in Greater Noida developed by Unitech.

The project was delayed and the company had promised to refund the amount along with simple interest of 11 percent per annum by October last year before the State Consumer Commission and sessions court last year.

However, despite the court's earlier order, Unitech had not refunded them the complete payment.

The Economic Times, quoting CREDAI president President of Confederation of Real Estate Developers' Association of India (CREDAI) Getamber Anand said that the main focus for developers should be timely delivery of projects or be prepared to face the music.

Manoj Gaur, CREDAI NCR president told ET that “fly-by-night operators will have to wind up operations.”

Meanwhile, market analysts have said that the court has set a precedent and added comfort to home buyers and real estate developers adding that the development would renew confidence of home buyers and investors in the NCR property market.

With PTI Inputs