NEW DELHI: The Supreme Court on Monday instructed Parsvnath Developers and its directors to submit a status report regarding ongoing cases brought by distressed homebuyers against them, detailing the current status of each matter.
The court also ordered the real estate company to complete the construction of a dwelling unit booked by Rita Tikku, a cancer survivor, and Lokaish Tikku, who invested their life savings in the ‘Parsvnath Exotica’ project in Sector 53, Gurugram, within a week.
A bench composed of Chief Justice Surya Kant along with Justices Joymalya Bagchi and V Mohana was reviewing a plea submitted by the Tikkus concerning the failure to deliver their flat.
Initially, the counsel for Parsvnath Developers informed the court that the required amount along with interest had been deposited with the Supreme Court registry as instructed.
However, the Tikkus’ counsel highlighted issues such as non-functioning lifts and lack of power supply in the building.
“There’s no denying that significant work remains,” the bench remarked.
The counsel for the real estate company stated that around 30 families have already moved into the building.
“We direct you to finish the work by October 31, ensuring compliance with the latest design, and to file a status report regarding the ongoing cases against you,” the bench ruled.
On July 20, the court provided Parsvnath Developers with a final week to comply with previous orders favoring the homebuyers, which involved depositing the entire amount with 12% interest. Failure to do so would lead to imprisonment, prompting strong remarks from the bench directed at the builders and their directors.
“The entire nation has been deceived by them. If they fail to comply within a week, they will face imprisonment. They’re ridiculing the system,” stated the Chief Justice.
He added, “They will face consequences similar to those faced by the Unitech directors. The whole system is being manipulated.”
The bench acknowledged that the builder and its officials had appeared before them.
They asserted, “Let them clarify their failure to comply with HRERA (Haryana Real Estate Regulatory Authority) orders. Before executing the non-bailable warrants already issued, we are granting one last chance to the builders to deposit the total recoverable amount plus 12% annual interest with the Supreme Court registry.”
The bench ordered, “This must be done within a week. The case will be reviewed next Monday,” adding that previous orders would remain in effect.
The court dismissed claims that other homebuyers were residing in the same building where the petitioners had reserved a home.
“No negotiations. Deposit funds first, then we can discuss. Under Article 142 (of the Constitution), we are not involved with IBC (Insolvency and Bankruptcy Code) matters,” the Chief Justice reiterated, emphasizing the seriousness of their orders.
Article 142 grants the Supreme Court power to issue necessary orders to ensure complete justice in ongoing cases.
On July 13, the Supreme Court froze the bank accounts of the real estate firm and its directors, issuing bailable warrants against its leadership, recognizing a 20-year struggle faced by senior citizens seeking to obtain their homes.
In response to the plea, notices were issued to the Haryana government, Parsvnath Hessa Developers Pvt Ltd, parsvaunts Developers Pvt Ltd, the Gurugram district magistrate, and also to the Haryana Department of Town and Country Planning.
Additionally, the court demanded that the Haryana chief secretary, DGP, district collectors, and police commissioners ensure strict adherence to these orders and submit affidavits.
They also ordered that no third-party rights be created nor possession of the flats be granted to any third parties during this period.
The case highlights the plight of homebuyers who, despite having paid in full, have been without their homes for nearly two decades.
The petitioners, who are senior citizens, invested in the Parsvnath Exotica project in Sector 53, Gurugram, with their residential units allotted in 2006 and the builder-buyer agreement finalized in early 2007.
The total amount was Rs 1.78 crore, with possession expected within 36 months, due by February 2013. However, despite full payment, the homebuyers discovered construction remained far from completion.
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