New Delhi, Oct 20 (DHNS): In a crackdown on real estate developers, the Supreme Court on Wednesday told them to deliver flats on time or return money to the buyers.
The court said they have to live up to their promise of delivering house as per the agreements. The court said developers cannot take refuge under the famous saying “Rome was not built in a day”, and reminded them that “the foundation of any economy is faith and if faith is lost, then everything is lost.”
In a clear message to all builders, a three-judge bench presided over by Justice Dipak Misra observed: “It needs no special emphasis to state that the property developer has to respect the contractual commitment. It has to live up to the terms of the contract and gain trust so that the people who dream of houses can repose faith in him.”
A day after pulling up real estate firm Parsvnath Buildwell Pvt Ltd, the bench, also comprising Justices Amitava Roy and A M Khanwilkar, directed real estate major Unitech to refund the principal cost of flats to 39 buyers who had booked apartments in a Gurgaon project about seven years ago but have still not got possession of their houses.
“The appellant (Unitech) by delaying or procrastinating the completion of the flats cannot base its stand on excuses or any subterfuge to advance the stand that the constructions take time. The submission in a way rests upon the metaphor that ‘Rome was not built in a day,’ but it serves no purpose,” the bench added, noting the anguish of the buyers.