trending Market Intelligence /marketintelligence/en/news-insights/trending/mczyvx2jpfrnk9ita7bxva2 content esgSubNav
In This List

Unitech ordered to refund homebuyer's money

Blog

Breaking into Europe’s Digital Infrastructure Markets: Drivers & Trends

Blog

Breaking into Europe’s Digital Infrastructure Markets: Drivers & Trends

Blog

Understanding Loss Given Default A Review of Three Approaches

Blog

Breaking into Europe’s Digital Infrastructure Markets: Drivers & Trends


Unitech ordered to refund homebuyer's money

Amid Unitech Ltd.'s ongoing legal troubles, India's National Consumer Disputes Redressal Commission ordered the company to refund roughly 43.8 million rupees to a homebuyer after failing to award a property four years after the original delivery date.

The Press Trust of India reported Feb. 22 that the Indian authority is also asking the diversified real estate developer to pay the complainant 25,000 rupees on top of the refund as compensation, and the commission gave the company three months to comply with its directive and make the payment.

According to the complaint, the residential property at Unitech's Espace Premier Nirvana Country-2 development in Gurgaon, India, had to be delivered in 24 months after the complainant's reservation, which took place in April 2012, when he made an upfront payment worth 10.5 million rupees, with the remaining sum paid through a bank.

However, the company failed to commit a date for the project's completion, the commission noted. Even though Unitech presented its reasons for the development's delay, the commission rejected the company's claims and sided with the complainant, noting that it also accepted several other complaints from the same residential development.

As of Feb. 22, US$1 was equivalent to 64.98 Indian rupees.