Monday 9 October 2017

Parsvnath Developers Court Case: Struggle of Realty Firm

Parsvnath has been a popular real-estate firm which has been initiating housing and commercial projects in different parts of the country. However, since some time, the company has been struggling with the issue of possession and this has turned up into a Parsvnath Developers case. This has given an opportunity to the rivals to defame the company and negative publicity has been surfacing. If you wish to know what exactly is cooking, read below to find out the exact story that has created this entire ruckus:


In the Parsvnath court case, the real estate firm stated Supreme Court that they are facing a “serious financial debt” of Rs 400 crore which came last year but the company has promised of delivering the flats within a year to their investors of long delayed Ghaziabad project.


The Justice panel of Dipak Mishra and C.Nagappan, ordered the firm to return the money to 70 investors of Parsvnath Exotica Project.

“The company is in a serious financial difficulty. We have suffered a loss of Rs 400 crores last year. We will make sure that the possession of flats are delivered to the consumers,” said advocate Dave to Justice Bench.

In this hard time, firm’s advocate said that they are finding some way to make the Justice panel believe in their words of delivering the flats to investors. Further the counsel assured of giving flats in 12 months as they have an agreement with buyers.

Firm’s counsel pleaded court to help in solving their issues with GDA and in response of this the court replied, “We do not want to expand this. You do what you have to do with the GDA”. The courts has asked the firm’s counsel to appear on 15th Sep and revealed the fact that in total 854 flats were to be constructed in which 818 booking has already been done. Meanwhile, Parsvnath Developers are against of refunding the money of 70 investors.  Now it has to be seen that how will the company make its end meet and get away from this entire issue along with complete satisfaction of its clients, customers and stakeholders.

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