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Indian commission orders Unitech to refund homebuyer


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Indian commission orders Unitech to refund homebuyer

Property company Unitech Ltd. was ordered by India's National Consumer Disputes Redressal Commission to refund a homebuyer nearly 4.3 million rupees due to the company's failure to deliver an apartment unit, Press Trust of India reported.

The authority's directive comes amid Unitech's ongoing legal woes for failing to award housing units at its projects that are overdue for delivery.

Unitech was given a period of six weeks to make the payment, plus an annual interest of 12%. The housing unit at the Unitech Horizon project in Greater Noida was supposed to be delivered to the homebuyer by Nov. 15, 2008, the media outlet noted Sept. 4.

As of Aug. 4, US$1 was equivalent to 71.47 rupees.