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Realty developer Parsvnath has deposited INR 2.9 crore with the Supreme Court in a case involving a homebuyer who waited 13 years for possession of a flat. The deposit follows directions issued by the court while hearing the developer's plea seeking relief from restrictions imposed in connection with the matter. The case highlights continuing judicial scrutiny of prolonged delays in housing projects and reinforces the importance of timely delivery and compensation for affected homebuyers.
Real estate developer Parsvnath has deposited INR 2.9 crore with the Supreme Court in connection with a long-running dispute arising from a 13-year delay in handing over a residential flat to a homebuyer.
The deposit was made during proceedings in which the developer sought modification of certain restrictions imposed by the court. The Supreme Court had earlier directed the company to deposit the amount as part of the ongoing proceedings related to compensation and compliance in the homebuyer dispute.
The matter stems from a residential unit booked more than a decade ago, where possession was allegedly not delivered within the promised timeline. After pursuing legal remedies for several years, the homebuyer secured relief through the consumer dispute redressal mechanism, which directed refund and compensation for the prolonged delay.
According to court proceedings, the developer has now informed the Supreme Court that the amount directed by the court has been deposited. The company has requested that the restrictions operating against it be reconsidered in light of the deposit and its stated intention to comply with the court's directions.
The case has drawn attention because of the extraordinary length of the delay between booking and the expected delivery of the flat. Judicial forums have increasingly treated such prolonged delays as a serious deficiency in service, particularly where buyers continue to bear financial burdens such as loan repayments, rent and opportunity costs.
Consumer courts and higher courts have repeatedly emphasised that developers are expected to adhere to committed possession schedules and that homebuyers cannot be left waiting indefinitely for delivery of their homes. Where projects remain delayed for years, courts have often granted refund, interest and compensation depending on the facts of each case.
The Supreme Court is continuing to hear the matter, and the deposit does not amount to a final adjudication of all issues between the parties. The court will consider the developer's request for relief from restrictions as well as other pending aspects of the dispute during subsequent hearings.
The case adds to a series of judicial interventions involving delayed housing projects and reflects the growing emphasis on accountability in the real estate sector, where timely completion and delivery remain critical concerns for homebuyers across the country.
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