By Dhananjay Mahapatra Updated: Sep 02, 2017, 10.40 AM IST
NEW DELHI: Sending a heartening signal to investors in housing projects in which developers are playing truant, the Supreme Court assured flat buyers in Unitech schemes that the court will ensure relief according to their choice — getting the money back or allotment of a flat.
A bench of Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud repeatedly referred to flat-buyers as "investors" and sternly told incarcerated Unitech managing director Sanjay Chandra that grant of interim bail on September 8 will depend on his giving possession of 125 flats in housing projects in Noida and Gurgaon to investors on 'as is where is' basis.
The court put another condition for interim bail — Chandra must deposit Rs 5 crore more within a week, which would take the total deposit by the real estate major to Rs 20 crore.
SC asked Unitech to allot 125 flats, which are nearing completion in three projects — 'Vistas' in Gurgaon and 'Burgundy' and 'Amber' in Noida — in order to establish its bona fide. This is to be done within a week after verifying authenticity of payments by flat buyers.
"We direct authorised agents of Sanjay Chandra to hand over the 125 flats after scrutinising the documents to ensure entitlement of investors. Issue of occupancy certificate shall be considered later.
If there is any outstanding payments which were to be made by the investors as per their agreement with the Unitech, these shall be made through demand drafts," the bench told Chandra's counsel Abhimanyu Bhandari.
If the relief for projects in Noida was unexpectedly swift, the court asked flat buyers in Anthea project of Unitech in Gurgaon whether they wanted their monies back or would be satisfied with allotment of flats. It was the FIRs registered by these flat buyers in Anthea project which led to the arrest of Chandra.
The court has till now, including the Friday's directive, asked Unitech to deposit Rs 20 crore. The bench decided to utilise the money for refund to those investors who wanted their funds back.
Asking the counsel for the investors and Unitech to sit with the Supreme Court registry to devise a pro-rata refund mechanism, the court directed that Rs 20 crore be used for such refund.
Bhandari repeatedly stressed Chandra wanted to settle all pending disputes with flat and plot buyers in Unitech projects but insisted that his client needs to be out of jail on interim bail to deliver.The court posted the matter for further hearing on September 8 and assured Bhandari that it would consider granting Chandra interim bail provided the two conditions were met - deposit of Rs 5 crore and giving possession of 125 flats to persons in three projects Vistas, Amber and Burgundy.
(This article was originally published in The Times of India)
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