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Representational image of the Parsavnath's Exotica project.
Representational image of the Parsavnath’s Exotica project.

The Supreme Court has ordered the real estate giant Paravnath developer to make a refund of Rs 22 crore to 70 flat buyers in the case of not handling over the possessions on time.

The Parasvnath Developers has already deposited Rs 12 crore so far and Rs 10 crore is left to be deposited till 10 December.

Earlier in August, the Supreme Court delivered a verdict in favour of those who didn’t received the possessions of their flats on time, ordering two real estate companies DLF Ltd as well as Parsvnath to compensate all those who had bought flats in their projects but had not received the same yet.

Meanwhile, Parsavnath Developers had told the SC that they had made a loss of Rs 400 crore in last fiscal, due to which they could not refund to the buyers of Parsvnath Exotica project.

Ahead of which, SC then ordered to release a schedule of refund to the flat buyers.

Moreover, Parsavnath said that projects may get completed over the next 12 months.