Parsvnath Exotica Phase 3 Gt Road, Ghaziabad

The complainant, an association of allottees in Parsvnath Exotica, raised concerns about delays and lack of approvals for certain towers. The association had 39 members who booked flats in Towers B to D, which were approved by the Ghaziabad Development Authority on 17.02.2007, and 31 members who booked flats in Towers E and F, which have not been approved till date. The complaints were disposed of with directions.

The Supreme Court directed Parsvnath Developers to deposit Rs 12 crore with the court registry in a case involving 70 home buyers of the Parsvnath Exotica project in Ghaziabad who sought refunds due to delayed possession. The National Consumer Disputes Redressal Commission (NCDRC) had instructed Parsvnath Developers to refund the amount with 12% interest because the project was not completed on time, leading the builder to appeal in the Supreme Court.

The Supreme Court ordered Parsvnath Developers to refund ₹22 crore to 70 home buyers in its Exotica project in Ghaziabad due to delays in handing over apartments. The court directed the company to deposit ₹10 crore by December 10, in addition to the ₹12 crore already deposited as per the September 15 order. The building plans for Parsvnath Exotica were cancelled by GDA on August 26.

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

The Supreme Court directed Parsvnath Developers to pay 10% per annum interest to 70 home buyers of the Exotica project in Ghaziabad as interim relief for delayed possession. Parsvnath Developers had already deposited the principal amount of Rs 22 crore with the apex court. 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 Parsvnath Exotica Ghaziabad Flat Buyers Association on behalf of 40 flat buyers in the Parsvnath Exotica project in Ghaziabad against Parsvnath Developers Limited and Parsvnath Buildwell Pvt. Ltd. The Supreme Court had previously directed the release of amounts deposited by allottees along with 10% interest per annum.

Parsvnath Exotica Phase III is a residential project located on GT Road, Ghaziabad, offering 3, 4, and 5 BHK apartments. The project spans 7.67 acres and includes 1831 units with amenities such as 24/7 water supply, power backup, CCTV cameras, a clubhouse, and a swimming pool. Approximately 33% of the units had been sold at the time of the report.

A buyer of a 1,920-sq-ft flat in Parsvnath Exotica, Ghaziabad, was awarded Rs 63 lakh in compensation after a 7-year delay in possession. The buyer, Raminder Chimni, purchased the flat in 2013 for Rs 60 lakh.

Parsvnath Developers sought an extension of time to pay installments due on 26.11.2024 and 26.12.2024. The court granted a final extension until 31.12.2024, with the condition that failure to pay would allow the respondents to initiate coercive measures.