Unitech was served with Ultimatum by SC

A bench comprising of Justice Dipak Mishra and AM Khanwalia denied to grant more time to Unitech Residential Resorts Limited and directed the real estate firm Unitech to deposit 14% interest on 16.55 crores invested by 39 home buyers at its project in Gurugram by May 8. “Let these matters be listed on May 8 by which time the amount(s) as directed on earlier occasions shall be deposited, failing which this court may think of attaching the property of the appellant company,” a bench said. If the real estate firm fails to meet the deadline it would result in the attaching of the realtor’s property.

The Advocate appearing for the estate requested to grant more time in depositing the money. The submission of the firm was opposed by the Advocate Brajesh Kumar representing 20 of 39 home buyers. The Apex Court directed the real estate to deposit the money with the registry and issue of compensation will be dealt later. On January 12, the Court directed Unitech to deposit Rs.2 crores which shall be distributed among the buyers. They had sought a refund of their principal amount, totaling Rs. 16.55 crore with interest, after the developer, which had promised to give the possession by 2012, delayed it. The apex court on February 20 had directed the developer to deposit 14 per cent interest on Rs.16.55 crore invested by these home buyers and had said that the interest would be calculated from January 1, 2010.

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