Shares of Unitech dropped 3.4 percent intraday Tuesday on penalty order for delaying a project 'Residency' in national capital region.
The apex consumer court said the real estate company has to pay 12 percent simple interest per annum compensation in lump-sum to consumers. According to the penalty order, Unitech has to pay that 12 percent penalty by 10th of every month till delivery.
The court has set aside Rs 5 per square feet penalty in company's buyer agreement.
This is second project of Unitech in Gurgaon in which it has been asked to pay penalty for late delivery of flats..
Earlier on June 8, it had lost case for 'Vistas' project in Gurgaon. The National Consumer Disputes Redressal Commission (NCDRC) had asked Unitech to pay buyers compensation at the rate of 12 percent per annum for delay in delivery of flats.
Additionally, the delay in projects also affected salaries of its employees. Media report suggested that some employees of Unitech have alleged that the struggling real estate developer has not paid salaries on time and also delayed depositing tax deducted on source and provident fund with the authorities amid a sharp slowdown in home sales in its home market of Gurgaon.
Allegations come alongside complaints by homebuyers about massive delays in delivery of several projects. The company has defaulted over its repayments to individuals who had subscribed to its fixed deposit scheme, report said quoting unnamed sources.
At 11:46 hours IST, the scrip of Unitech was quoting at Rs 8, down Rs 0.14, or 1.72 percent on the Bombay Stock Exchange.
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