Supreme Court orders Unitech to pay buyers interest by May 8

The Supreme Court on Monday directed real estate firm Unitech Limited to pay, by May 8, 14 per cent interest to 39 home buyers, who invested Rs 16.55 crore in its Gurugram project. Refusing to give the firm more time, the Apex Court threatened to attach the realter's properties, in case Unitech failed to meet the deadline.

"Let these matters be listed on May 8, by which time the amount(s) as directed on earlier occasions shall be deposited, failing which this court may think of attaching the property of the appellant company," a Bench of Justices Dipak Misra and A M Khanwilkar said.

As many as 39 buyers had approached the top court when Unitech failed to deliver their promised homes in its project -- Vista -- in Sector 70, Gurugram. The buyers had sought a refund of their principal amount, Rs 16.55 crore, with interest, after Unitech delayed the possession beyond the promised 2012.

In a February order, the Apex Court had directed Unitech to pay 14 per cent interest, calculated from January 1, 2010. The amount was to be deposited with the SC registry, which would then disburse 90 per cent of the amount among the 39 buyers on a pro-rata basis.

Over two dozen home buyers approached the National Consumer Disputes Redressal Commission (NCDRC) after Unitech failed to give possession as per schedule in its Noida and Gurugram housing projects. The consumer forum had directed Unitech to refund the money to the home buyers with interest.