The Supreme Court on Thursday directed Parsvnath Developers to deposit Rs 12 crores with the court’s registry in four weeks in a case related to delay in possession of flats in the realtor’s Exotica project in Ghaziabad. Around 70 home buyers have sought a refund after the company failed to deliver possession of the flats on schedule. Parsvnath Developers had subsequently moved the apex court against the consumer commission’s order. “If the refund is allowed to these buyers, floodgates will be opened with all buyers seeking refund,” Parsavnath Developers told the Supreme Court. In an earlier hearing, Parsvnath Developers told the court that it will take another year to complete the project.

Source: Hindustan Times September 15, 2016 07:49 UTC