Unitech to refund Rs 15 crore to investors

The Supreme Court recently ordered realty giant Unitech to refund Rs 15 crore to investors in delayed housing projects in Gurgaon.

The order has come as a huge relief to hundreds of homebuyers who booked properties in various upcoming projects by different builders but have not been given possession of those properties yet.

More than 36 real estate companies in Gurgaon came up with over 323 projects between 2008 and 2010. Only 10 per cent of these projects have been completed. Homebuyers who invested Rs 50 lakh to Rs 60 lakh in such projects are still awaiting possession. Their dream to own a flat in Millennium City remains unfulfilled.

Since January 2016, Gurgaon Police has registered 688 complaints against 22 developers in the city. Of these, 63 cases have been converted into FIRs after thorough investigation.