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The Refund - Unitech Scam

Courtesy/By: Utkarsh Yadav | 01 Sep 2018

Housing corporations have been in a jam lately because of the heavy handedness approach by the government on pending projects. From the Jaypee Group to Unitech, there have been heavy fines imposed on not only the company's assets, but also on the personal properties of the board members of the country. The Courts have gone as far as to auction off the personal assets of company personnel. These steps have gone a long way in renumerating the citizens for fradulent schemes of big firms. As a result, the housing market is now more consumer friendly.

In the most recent going on in relation to the above actions by the government, Unitech has been officially ordered to refund a customer for the non furnishment of an apartment promised to him by the real estate firm. The regulating body was the National Consumers Dispute Resolution Commission (NCDRC). The sum to be handed over is RS. 58 Lakhs. The reason is the failure on Unitech’s part in handing over the promised apartment in the stipulated time period. In addition to the principal amount, an additional simple interest at the rate of 10% must be provided. The total sum has to be provided to the disgruntled consumer with six weeks.

Courtesy/By: Utkarsh Yadav | 01 Sep 2018