This major Delhi builder to go to jail

New Delhi: In a rare order against a real estate firm by a consumer court, the National Consumer Disputes Redressal Commission (NCDRC) has sentenced three years imprisonment for the MD and other directors of Delhi based Parsvnath Developers Ltd.

The NCDRC gave the order as the realty firm failed to pay back the amount deposited by a home buyer in 2008 for purchase of a flat in a project started by Parsvnath. The project is far from complete and the builder has not been able to returns the money of the buyer despite  several requests and legal notices.

The matter had gone to the NCDRC for non-refund and the court had ordered the refund of the money. However, the realty from did not obey the order of the court and hence the court has now handed 3-year jail term to the company directors. 

However, the court granted the directors tie till 10 February 2021 to deposit the whole amount to save themselves from arrest.

The NDRC bench, presided by justice Deepa Sharma, took dim view of the argument of the realty player that the matter with the home buyers in question was challenged in the Supreme Court and the order of the apex court is pending.

According to a decree which was passed in the year 2019, the NCDRC had ordered the realty company to refund principal amount, together with 12 percent interest for the deficiency in its service and unfair trade practices.

The complainants, give retired arm officers, had said in their plea that they had booked apartments in Parsvnath Privilege Project in Noida but did not get possession.