HAVE COMPLIED with order, UNITECH TELLS SC

Real estate major Unitech on Monday told the Supreme Court that they have complied with its direction and deposited 14 percent interest on Rs 16.55 crore invested by 39 homebuyers at its Gurugram’s project.

The lawyer representing the firm told a Bench comprising Justices Dipak Misra and A M Khanwilkar that they have complied with all the directions given by the apex court.

The bench has asked its registry to distribute the money among the investors on a prorata basis.

The court had on April 24 directed the firm to deposit 14 percent interest on Rs 16.55 crore invested by 39 buyers by today and warned it that failure to meet the deadline could invite attaching the realtor’s property.

These 39 homebuyers had booked flats in Unitech’s Vista housing project in Gurugram. They had sought a refund of their principal amount, totalling Rs 16.55 crore with interest, after the developer, which had promised to give the possession by 2012, delayed it.

The apex court on February 20 had asked the developer to deposit interest on the money invested by these homebuyers and had said that interest would be calculated from January 1, 2010.

The bench had directed the registry to disburse 90 percent of this amount to homebuyers on pro-rata basis, as was done while giving refund of the principal amount.

However, it had said that issue of compensation will be deliberated upon later.

The court on January 12 had directed that Rs two crore deposited by Unitech with its registry as principal amount, be distributed among 39 homebuyers.