SC Or­ders Unitech to Pay 14% In­ter­est for Delay

The Economic Times - - Companies: Pursuit Of Profit - Sanu.Sandilya


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

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