India

Refund Rs 2 cr deposited by Unitech to investors: SC

PTI

The Supreme Court today directed that Rs 2 crore deposited by real estate major Unitech Resorts ltd with its registry be distributed among 39 home buyers who have sought refund of their amount for delay in handing over the possession of flats in the firm's Vista housing project in Gurugram.

A bench of Justices Dipak Misra and R Banumathi said the the flat buyers can withdraw the money from the apex court registry on pro-rata basis.

The court said it would take a decision on the rate of interest and compensation to be paid to the investors at a later stage.

“The appellant has deposited Rs 2 crore which shall be distributed among 39 respondents on pro-rata basis. As far as interest and compensation is concerned the matter to be taken up on February 4,” the bench said.