Supreme Court orders Parsvnath to refund at Rs 22 Crore To 70 flat purchasers

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On Tuesday, The Supreme Court has directed real estate developer Parsvnath to refund Rs 22 crore to 70 flat purchasers in its Exotica project in Ghaziabad.

The Supreme Court has instructed real estate developer to deposit Rs 10 crore till 10 December 2016. The developer has already deposited Rs 12 crore, according to the court’s order last month.
Only when the flat purchasers have desire to claim refund, then they can surely claim refund after verification of documents related to flat. Supreme Court will decide after payment of interest by the developer. The next hearing date is scheduled for December 14, 2016.
Parsvnath’s Exotica project hit a roadblock when the Ghaziabad Development Authority (GDA) rejected its revised plan of construction

Recently, the real estate developer Parsvnath had told the Supreme Court that it would not be able to pay the amount as it would lead to a rush of customers wanting their money back.

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