Parsvnath Exotica Ghaziabad Gt Road, Ghaziabad

Parsvnath Developers launched Parsvnath Exotica, located at GT Road, Ghaziabad, offering amenities such as outdoor sports facilities, a health club with sauna, a clubhouse, billiards, specialized water treatment, schools, and a shopping center. The apartments feature Italian marble flooring, modular kitchens, a swish club, a gym, a swimming pool, and a well-stocked bar.

The Supreme Court directed Parsvnath Developers to deposit Rs 12 crore with the court registry in a case involving 70 home buyers in the Parsvnath Exotica project in Ghaziabad who sought a refund due to delayed possession. The National Consumer Disputes Redressal Commission (NCDRC) had previously asked Parsvnath Developers to refund the amount paid by the home buyers with 12% interest. Parsvnath appealed against the NCDRC order in the Supreme Court.

The landowner of the Parsvnath Exotica project in Ghaziabad, Devidayal Aluminium Industries (DAIPL), cancelled the power of attorney (POA) for the land and issued a legal notice to Parsvnath Developers to vacate the land within one month. Parsvnath, however, claimed the cancellation was illegal. The Ghaziabad Development Authority (GDA) also denied Parsvnath's request to approve revised plans for the Exotica project until the matter was resolved.

Devidayal Aluminium Industries (DAIPL), the landowner for the Parsvnath Exotica project in Ghaziabad, cancelled the power of attorney (PoA) and sent a legal notice to Parsvnath Developers to vacate the 31-acre plot within a month. Parsvnath termed the cancellation illegal, stating the PoA was executed for valuable consideration. The Ghaziabad Development Authority (GDA) denied Parsvnath's request to approve revised plans until the matter is resolved.

The Supreme Court directed Parsvnath Developers to pay 10% per annum interest to 70 home buyers of its Exotica project in Ghaziabad as interim relief for delayed possession. Parsvnath had already deposited the principal amount of Rs 22 crore with the court, which was distributed to the home buyers. The Ghaziabad Development Authority had cancelled the building plans for Parsvnath Exotica in August of the previous year.

The National Consumer Disputes Redressal Commission addressed a complaint filed by the Parsvnath Exotica Ghaziabad Flat Buyers Association on behalf of 40 buyers of residential flats in the Parsvnath Exotica project in Ghaziabad against Parsvnath Developers Limited and Parsvnath Buildwell Pvt. Ltd. The Supreme Court directed the release of the deposited amount to the allottees along with 10% interest per annum. Parsvnath Buildwell Pvt. Ltd. was directed to refund the principal amount to 35 allottees with 10% interest per annum until the Supreme Court's disbursal direction and 8% per annum for the subsequent period.

The Delhi High Court addressed a petition by Parsvnath Developers Limited regarding payment of outstanding dues to the Parsvnath Exotica Ghaziabad Flat Buyers Association. The court directed that the entire decreetal amount be cleared by May 26, 2025, with any error in calculation to be paid by the same date. In case of default, the NCDRC would be at liberty to take up the execution and to pass appropriate orders, including issuance of coercive process.

The Delhi High Court addressed an application by Parsvnath Developers seeking an extension of time to pay installments due on November 26, 2024, and December 26, 2024, as previously undertaken. The court extended the time period for the amounts due until December 31, 2024, clarifying that if payments were not made as undertaken, the respondents could initiate coercive processes against the petitioners.