Deposit 14% interest on 39 home buyers’ money: SC to Unite ch

Slapping a penalty on Unitech Resorts for delaying handing over of flats, the Supreme Court on Monday directed it to deposit 14 per cent interest on ~16.6 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 Gurgaon. They had sought a refund of their principal amount, totalling ~16.6 crore with interest, after the developer, which had promised to give the possession by 2012, delayed it. A Bench headed by judge Dipak Misra said the interest would 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 A M Khanwilkar and M M Shantanagoudar, directed the registry to disburse 90 per cent of the amount on a pro rata basis.