SC orders Unitech to pay interest on buyers’ money

Tribune News Service

New Delhi, February 20

The Supreme Court on Monday directed Unitech to deposit 14% interest on Rs 17 crore invested by 39 buyers in the real estate developer’s Vistas project in Gurugram.

The interest has to be paid from January 1, 2010 till August 2016 when the principal amount was deposited, a bench headed by Justice Dipak Misra ordered. 

It gave eight weeks to the company to deposit the amount with the court’s registry.

The principal amount has already been given to the 39 buyers who opted out of the project for inordinate delay in delivery. Unitech had promised to deliver the flats by 2012.

Unitech has to calculate the interest amount of each buyer separately and indicate accordingly deposit the money with the registry.

The bench directed the registry to reimburse 90 per cent of the amount on pro-rata basis.

The bench fixed April 24 to hear the buyers’ plea for a direction to the company to compensate them for delayed delivery of flats.