The court, however, made it clear that no compensation would be considered for the period after it took over the management of the real estate firm in 2019 and appointed receiver to finish the pending projects.
A bench of Justices U U Lalit and Ashok Bhushan sought assistance from advocate M L Lahoty, appearing for some of the home-buyers, to decide the issue. The court asked him to file a response by April 19.
The court passed the order after SC-appointed receiver and senior advocate R Venkataramani told the bench that home-buyers who are yet to clear all the dues are asking for compensation for delay in getting possession.
“In the course of verification of home-buyers belonging to Zodiac, Silicon City and Eden Park, an issue has been raised that while considering the amount recoverable from or payable by home-buyers, delay possession compensation be allowed as an adjustment,” he told the bench. The receiver, however, said a substantial amount will have to paid to homebuyers if the compensation is allowed.
The compensation amount for delay could be very substantial as in some cases the delay period has been more than a decade. The court said it will examine the issue and posted hearing for April 19.