Jaiprakash Associates: Supreme Court tells Jaypee to pay Rs 50 lakh to 10 buyers – The Economic Times–14.09.2017

The Supreme Court on Wednesday asked realty firm Jaiprakash Associates to pay Rs 50 lakh as an interim relief to 10 homebuyers of its Kalypso Court project along the Noida-Greater Noida Expressway.

The builder has been asked to pay Rs 50 lakh to Developers Township Property Owners Welfare Society that represents 10 homebuyers in the case.

The money would be then paid to owners, said Sahil Sethi, senior associate at law firm Saikrishna & Associates, who represented them in the case. Jaiprakash Associates had launched the Kalypso Court project in 2007, which was supposed to have 16 towers and be completed by 2011. However, the work is still pending in most towers.

Homebuyers are seeking compensation adequate enough to compensate for their loss caused on account of more than five years’ delay in delivery, Sethi said.

“We are also seeking reversal of unlawful demands made by the builder on account of alleged increase in super area and car parking,” he said. The hearing in the case has been listed for a later date, which has not been fixed now.

An email sent to Jaiprakash Associates remained unanswered as of press time Wednesday. The National Consumer Disputes Redressal Commission (NCDRC) in May last year had directed Jaiprakash Associates to pay 12% interest for the delay and to complete the project by July 21, 2016, failing which it will have to pay Rs 5,000 per day per home as a penalty till it hands over homes to the buyers.

The Supreme Court in July last year stayed the NCDRC order, and asked the builder to deposit Rs 4 crore with the court within two weeks, which it complied with. The court, however, did not stay two other parts of the NCDRC judgment that said Jaypee cannot charge for car parking and also for increase in super area of an apartment post construction unless it had prior consent of the buyer.


via Jaiprakash Associates: Supreme Court tells Jaypee to pay Rs 50 lakh to 10 buyers – The Economic Times

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