Supreme Court directs builder to deposit Rs 200 cr

The Supreme Court directed beleaguered real estate company Jaypee Associates Limited (JAL) to deposit Rs 200 crore - to be paid in two instalments, by May 10, and gave it a list of home buyers who have sought a refund.

However, the bench led by Chief Justice of India Dipak Misra clarified that it was only concerned with buyers who sought a monetary refund. Those seeking flats would be dealt with in the next phase.

“We would intend to make it absolutely clear that, for the present, we are only concerned with those home buyers who intend to have a refund. In the next phase, we may consider the grievances, if any, of the home buyers who intend to have the flats,” the bench said.

The real estate major was then asked to submit a project-wise chart of homebuyers so that amount collected could be disbursed to them on a pro-rata basis.

Meanwhile, the advocate representing JAL submitted that only eight per cent of home buyers/allottees are inclined to take a refund, whereas, others have expressed their inclination to have the flats. JAL further submitted that in 2017-2018, it had received/sought occupation certificate for at least 13,500 flats.