Unitech plunges 14% intraday as court orders compensation to buyers for flat delivery delay
Unitech Ltd slipped 14 per cent in trade on Tuesday, after the NCDRC on Monday asked the real estate major to pay buyers compensation.
By ET Online |
NEW DELHI: Unitech Ltd slipped 14 per cent in intraday trade on Tuesday, after the National Consumer Disputes Redressal Commission (NCDRC) on Monday asked the real estate major to pay buyers compensation at the rate of 12% per annum for delay in delivery of flats.
The stock ended the day at Rs 7.91, down 7.70%.
The order came in a case filed by 24 buyers of a housing project, Vistas, in Sector 70 of Gurgaon. The buyers alleged that they had booked the flats in 2009-10 and delivery was promised in 36 months, TNN reported.
In his order, Justice V K Jain directed the company to pay compensation at the rate of 12% per annum on the amount paid for the period from the date of delivery originally promised to the new date, added the report.
The new delivery dates promised by the company are between February 2016 and February 2018. The NCDRC also ruled that any delay beyond the new deadline promised would attract a compensation of 18% per annum.
The stock ended the day at Rs 7.91, down 7.70%.
The order came in a case filed by 24 buyers of a housing project, Vistas, in Sector 70 of Gurgaon. The buyers alleged that they had booked the flats in 2009-10 and delivery was promised in 36 months, TNN reported.
In his order, Justice V K Jain directed the company to pay compensation at the rate of 12% per annum on the amount paid for the period from the date of delivery originally promised to the new date, added the report.
The new delivery dates promised by the company are between February 2016 and February 2018. The NCDRC also ruled that any delay beyond the new deadline promised would attract a compensation of 18% per annum.
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