- Supreme Court awards Rs 80,000 compensation each to 39 flat buyers
- Flat buyers had sought compensation of Rs 1 lakh each
- Vistas project in Gurgaon was supposed to be handed over in 2012
These flats were booked in 2009 but after Unitech failed to deliver the flat on time, these buyers had in 2014 moved National Consumer Disputes Redressal Commission and the consumer forum then ordered Unitech to pay the principal with an interest of 18 per cent. Unitech had later appealed in the Supreme Court.
The real estate sector is facing a multi-year slowdown, leading to delays in handover of projects, forcing buyers to protest on streets and approach courts.
In another development, flat buyers of Amrapali Silicon City, an Amrapali group company, moved the Supreme Court challenging insolvency proceedings against the company. The petition challenging insolvency proceedings against Amrapali Silicon City is filed by 70 flat buyers. Amrapali Silicon City has a project in Noida. The National Company Law Tribunal (NCLT) had earlier admitted a petition of Bank of Baroda against Amrapali Silicon City over a loan default.
The Supreme Court had earlier stayed insolvency proceedings against real estate firm Jaypee Infratech on a plea seeking protection of interests of hassled homebuyers who have neither got a home nor refund.