Prime Sufferers Of Real Estate Industry Are Homebuyers, Says SC

The Supreme Court (SC) has expressed its sympathy towards agonised homebuyers who neither are getting possession of their flats nor are they getting their money back. Currently, thousands of homebuyers are suffering in the hands of real estate developers.

The Bench comprising Chief Justice Dipak Mishra and Justices A M Khanwilkar and D Y Chandrachud said that in such a scenario where the interest of the homebuyers is at peril it is essential for the court to interfere and safeguard the interest of the homebuyers. The Bench pointed out that the homebuyers were on streets as they were not getting possession of their flats despite depositing money on time. To rescue the homebuyers from the hands of developers, judicial intervention is a must.

The apex court had earlier directed Jaypee Infratech (JIL) to deposit Rs 2,000 crore to cover its liability towards 22,000 homebuyers.

Recently, a plethora of real estate developers like Amrapali, Jaypee, Parsvanath, Supertech, Unitech have come under the radar of the Supreme Court for not handing over the possession of flats on time.

The apex court categorically stated that the real estate developers will have to refund the money to the homebuyers. The court and the homebuyers are not concerned with their financial problems.

In September, the court directed Unitech that unless Rs 1,000 crore is deposited, the promoter Sanjay Chandra will not be given bail. The court has also directed Supertech to deposit Rs 20 crore against the refund claims of homebuyers in its Emerald Court project in Noida. Last year Parsvanath Developers were instructed to refund Rs 22 crore to 70 homebuyers who have invested in their project.

The court sternly stated that the companies should not venture in real estate sector if they are unable to finish the projects.

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