Supreme Court orders Parsvnath Developers to pay 12% annual interest
The Supreme Court has told Parsvnath Developers they need to pay 12% annual interest to buyers for delaying their promised flats in the Parsvnath Exotica project.
Buyers had paid around ₹1.78 crore between 2006 and 2014, expecting their homes in three years, but nearly 20 years later, they're still waiting.
Now, the court has given the developer just one week to pay up, including earlier interest ordered at 9.3% interest.
Parsvnath Developers used legal loopholes
Parsvnath kept dodging previous orders and tried using legal loopholes to stall payments, so the Supreme Court stepped in under Article 142, which basically lets them cut through red tape when justice is at stake.
Even though laws like RERA are meant to protect buyers and promise refunds or compensation if homes are delayed, actually getting that money can take ages because developers often challenge rulings.
This decision is a big win for folks who've been stuck paying rent and EMIs while waiting for their dream home.