Start writing herThe Supreme Court on Tuesday issued a stern warning to the Parsvnath Group, directing it to resolve the problems of around 3,000 home buyers within two weeks, or face attachment and confiscation of all its properties.
A bench of the apex court said that if the builder fails to address the grievances of the affected buyers within the stipulated time, it will attach all assets of the group and may constitute a committee of home buyers to oversee the construction and handover of flats. The court’s warning came amid a long-running battle by home buyers, many of them senior citizens, who have been waiting for possession of their flats for nearly two decades, particularly in projects such as Parsvnath Exotica in Gurugram.
In recent hearings, the court had already frozen the bank accounts of Parsvnath Developers Ltd, its group company Parsvnath Hessa Developers Pvt Ltd, and the personal accounts of their managing directors and officers. It had also issued bailable warrants against senior officials and barred the creation of any third-party rights or transfer of possession of flats to others.
A bench of the apex court said that if the builder fails to address the grievances of the affected buyers within the stipulated time, it will attach all assets of the group and may constitute a committee of home buyers to oversee the construction and handover of flats. The court’s warning came amid a long-running battle by home buyers, many of them senior citizens, who have been waiting for possession of their flats for nearly two decades, particularly in projects such as Parsvnath Exotica in Gurugram.
In recent hearings, the court had already frozen the bank accounts of Parsvnath Developers Ltd, its group company Parsvnath Hessa Developers Pvt Ltd, and the personal accounts of their managing directors and officers. It had also issued bailable warrants against senior officials and barred the creation of any third-party rights or transfer of possession of flats to others.