GNIDA told to deposit Rs 67cr for refund to Unitech buyers

NEW DELHI: The Supreme Court on Monday asked the Greater Noida Industrial Development Authority (GNIDA) to deposit Rs 67 crore with interest in the apex court within a week for pro rata refund to 352 plot buyers. The authority had received the sum from real estate major Unitech for allotment of 100 acres, which now stands cancelled.

“Greater Noida shall deposit Rs 66.82 crore along with accrued interest...Amicus curiae Pawan Shree Agrawal shall verify the portal in respect of the present project, Uniworld City-Uni Homes Plots Sector-Mu, Greater Noida, so that this court can direct pro rata disbursement of the said amount,” a bench of Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud said.

Greater Noida executed the lease deed on January 22, 2007, in favour of Unitech for 100 acres of land. Appearing for Unitech, counsel Mukul Rohatgi said out of the cost of Rs 555 crore, the builder had paid Rs 325 crore, but the Greater Noida Authority cancelled the allotment alleging non-development of the land.


Greater Noida Authority, through counsel Ravindra Kumar, said what the builder had paid included the penalty for late payment and the realtor was also including the interest on principal. He alleged that Unitech had not paid any money since 2007 and the realtor had written a letter withdrawing from the project and seeking adjustment of the amount paid towards five other projects.