Delayed Possession: Supreme Court cracks whip on builders, asks Parsvnath to deposit Rs. 12 cr

In a strong message to powerful builder lobby, the supreme court Thursday asked Parsvnath Builder to deposit Rs. 12 crore within 4 weeks the UCO bank located in Supreme Court complex for delaying the delivery of one of its project in Ghaziabad.

A bench of Justices Dipak Misra and C Nagappan asked the counsel for aggrieved home home buyers of Parsvnath’s Exotica project in Ghaziabad, near national capital Delhi, to get home buyers views on the revised deadline of December this year as proposed by Parsvnath Builder.

File Photo: Pradeep Jain, Chairman of Parsvnath Group.

File Photo: Pradeep Jain, Chairman of Parsvnath Group.

Senior advocate Kapil Sibal appearing for Parsvnath said if the Ghaziabad Development Authority (GDA) re-validates the relevant plan, the building can be completed by the end of December, 2017.

As per reports, the bench, however, refused to give any relief to the builder on this ground.

The order is seen as a setback not only to Parsvnath but to many other builders across the country who have regularly defaulted on their construction timelines and failed to deliver the flat or refund the money to aggrieved home buyers.

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