SC orders Jaypee Associates to pay Rs50 lakh to 10 homebuyers in Noida project
New Delhi: In a relief to homebuyers, the Supreme Court on Wednesday directed Jaypee Associates Ltd (JAL) to pay Rs50 lakh to 10 homebuyers who had purchased flats in its housing project—Jaypee Kalypso Court located along the Noida-Greater Noida Expressway.
The work on the township project, launched in 2007 which was scheduled to be completed by 2011 is still to be finished.
A bench headed by Chief Justice Dipak Misra asked for the money to be paid to the Developers Township Property Owners Welfare Society, the group that represents homebuyers which would then distribute the amount equally among the 10 homebuyers as compensation for delayed delivery of flats.
The court was hearing a plea by JAL, challenging a 2 May order passed by the National Consumer Disputes Redressal Commission (NCDRC) that had asked the developer society to pay a yearly penalty of 12% for delaying the possession of flats to buyers.
In July last year, the apex court had stayed a part of the order pertaining to payment of interest subject to JAL depositing Rs4 crore by 29 July, 2016.
The order by the consumer court also directed JAL to hand over the possession of flats to buyers by 21 July 2016 failing which it would have to pay a penalty of Rs5,000 per flat per day till the project was completed.
- Nasa’s first parachute test for Mars 2020 mission successful
- News in Numbers: Uber plans to buy 24,000 self-driving cars from Volvo
- Nestle is said to be among potential Hain Celestial suitors
- When Ambani brothers’ bonds decoupled
- Deals Buzz: Quess Corp buys Tata Business Support Services for Rs153 crore