Deposit 14% interest on 39 home buyers' money: SC to Unitech

New Delhi: Slapping a penalty on Unitech Resorts for delaying handing over of flats, the Supreme Court today directed it to deposit 14 per cent interest on Rs 16.55 crore invested by 39 home buyers with it.

The 39 home buyers, who moved the court, had booked flats in Unitech’s Vista housing project in Gurugram. They had sought a refund of their principal amount, totalling Rs 16.55 crore with interest, after the developer, which had promised to give the possession by 2012, delayed it.

A bench headed by Justice Dipak Misra said the interest will be calculated by the developer from January 1, 2010 and asked the real estate major to deposit the amount with the apex court registry within eight weeks.

The bench, also comprising Justices A M Khanwilkar and M M Shantanagoudar, directed the registry to disburse 90 per cent of this amount to home buyers on pro rata basis, as was done while giving refund of the principal amount.

While asking the developer to quantify the interest to be paid to each of the 39 home buyers, the bench said the issue of compensation will be deliberated at the next hearing.

During the hearing, senior advocate P Chidambaram, appearing for Unitech Resorts Pvt Ltd, said the company had deposited Rs 17 crore as directed by the apex court, which was refunded to them by apex court registry.

He said that giving back the principal amount was equal to giving possession of the flats. However, there was a market slowdown.

The bench, however, said it would deliberate on the issue of compensation and interest on next date of hearing and listed the matter for final hearing on April 3.

On January 12, the apex court had directed that Rs 2 crore deposited by Unitech with its registry as principal amount, be distributed among 39 home buyers.