- Unitech tells SC it doesn't have money to refund buyers. Court seeks list of buyers who want refund, during next hearing scheduled on Aug 17 - ANI.
- No money to refund buyers, would have finished project if we had: Unitech in SC, writes the Hindustan Times.
- Unitech tells the Supreme Court that it doesn’t have funds to pay back the buyers of its two projects in Noida and Gurgaon - - Live Mint.
- Supreme Court directs Unitech to refund home buyers of Noida project, housing firm expresses inability - - Zee News.
- Real estate giant Unitech Ltd told the Supreme Court on Friday that it was not in a position to refund money to home buyers who had invested in its projects in Noida and Gurgaon but not got possession of their flats because of delays in construction -- The Times of India.
Unitech's Counsels statement before Honourable Supreme Court has been misquoted and is not correct. His contention was that the money received from customers has already been invested in land cost and building structures constructed at project site, and therefore, it is not feasible to refund money to the customers.
In fact, in the larger interest, the refund amounts being claimed by the customers can be better utilized for construction and completion of pending projects. The journalists has not appreciated this difference in the argument.
Due to declining real estate prices, some customers are seeking refund of money with interest even if property is ready for possession.
In this case also, the customers had agreed before the Honourable Consumers Forum to take possession of property with 12% interest for delayed period, but now seeking refund of their money with interest before Honourable Supreme Court.