News No money for refunds, says Parsvnath

[Deepu]

After Unitech, another real estate giant,Parsvnath Developers, has expressed inability to refundhome- buyers for not handing over possession of flats and sought a year's time from the Supreme Court to complete the project.

Parsvnath's Exotica project in Ghaziabad was launched in 2007 with a promise of handing over possession of the flats by 2011. Over 800 families put in their money but flats have not been handed over to them.

The National Consumer Disputes Redressal Commission (NCDRC) had directed the company to refund money with interest to 70 flat buyers who had filed case against the real estate giant.

Feeling the pinch of consumer court's order, the real estate giant rushed to the Supreme Court and expressed inability to pay the money because of financial problems. It assured the court that the project would be completed in a year.

Appearing before a bench of Justices Dipak Misra and C Nagappan, Parsvnath's counsel Dushyant Dave said the company is in deep financial crisis and the entire business would collapse if it was to refund the money to over 800 flat buyers.

Parsvnath seeks a year from SC to refund buyers - Times of India

 

[Prateek Marwadi]

this is not only limited to parsnath only. Big giants like unitech n dlf has also done the same n simply refused to return the money of the investors.

A total of more than 70 builders, both small n big, have been in the same trouble.

This is bcoz of the lack of rules n regulations.

 

[Aviral Sangal]

This is not because lack of rules and regulations. This is because the demand supply gap, stringent loan process and what these builders did was they bought more land and launched more projects instead of using the money to do construction. This only one side of picture. You need to also think people who have supplied material to these builders and have not been paid up.

Sent from my Redmi Note 3 using Tapatalk

 

[Prateek Marwadi]

This is not because lack of rules and regulations. This is because the demand supply gap, stringent loan process and what these builders did was they bought more land and launched more projects instead of using the money to do construction. This only one side of picture. You need to also think people who have supplied material to these builders and have not been paid up.

Sent from my Redmi Note 3 using Tapatalk

bro... that we all know. but lack of rules n regulations only bcoz y govt. allowed them to purchase more n more lands n to make more n more flats. also y the banks have given them the money.

It already seems that these projects are not viable and will become sick projects sooner than later.

 

[Deepu]

But reality is apartment prices are still overpriced everywhere

 

[Prateek Marwadi]

But reality is apartment prices are still overpriced everywhere

bhai .... mere father ka bhi paisa atka hua h noida mein. but we are helpless along with others. can't do anything. project was supposed to be made before 2014 but it already delayed by almost 3 years now.

 

[Deepu]

bhai .... mere father ka bhi paisa atka hua h noida mein. but we are helpless along with others. can;t do anything. project was supposed to be made before 2014 but it already delayed by almost 3 years now.

Here in Bangalore you will easily get ready to occupy apartments as all the properties are having 30% vacant flats even after project completion

 

[Prateek Marwadi]

Here in Bangalore you will easily get ready to occupy apartments as all the properties are having 30% vacant flats even after project completion

the same with gurgaon and mumbai also. but bangalore is definitely a good place to live in.

but i like mangalore a lot too.

 

[Deepu]

the same with gurgaon and mumbai also. but bangalore is definitely a good place to live in.

but i like mangalore a lot too.

In Bangalore, reputed builders like Prestige, Brigade & Sobha do deliver projects in reasonable time with little delay