SC Orders Unitech to Pay 14% Interest for Delay
New Delhi: The Supreme Court has directed realty developer Unitech to pay interest at the rate of 14% per year on the investments made by 39 home buyers of its delayed Vistas project in Gurugram.
In an interim order on Monday, the apex court said the interest would be applicable from January 1, 2010, and will be in addition to the .₹ 16.55 crore that the company was ordered to refund to the buyers.
The interest rate is not final and is likely to increase, according advocate Pawanshree Agrawal who represented the aggrieved home buyers.
“Just half the battle is won till now. The court has fixed the interest component at 14%. However, it said that further decisions on the interest component and compensation would be taken at the next date of hearing,” Agrawal said.
The next hearing in the matter is scheduled for April 3.
This is in addition to the 16.55 cr Unitech was ordered to refund to buyers in Vistas project