Archive · 21 Jul 2026
Supreme Court Warns Parsvnath Developers Over RERA Order Non-Compliance
Homebuyers who purchased flats in Parsvnath Exotica in Gurugram have been waiting for possession since 2006.
The Supreme Court recently warned Parsvnath Developers to comply with RERA orders or face jail.
The builders have been delaying the process, and homebuyers find it hard to enforce RERA orders due to weak enforcement mechanisms.
The court froze the company's bank accounts and issued arrest warrants.
Homebuyers have to go through a long legal battle to get their money or possession, and the builders use various tactics to delay payments.
Supreme Court warns Parsvnath Developers of jail if they fail to comply with RERA orders.
Homebuyers of Parsvnath Exotica in Gurugram have been waiting for possession since 2006.
RERA ordered Parsvnath Developers to pay 9.3% annual interest for delay in possession.
Enforcing RERA orders is difficult due to lack of enforcement powers and slow execution processes.
Homebuyers have limited options and often explore remedies under the Consumer Protection Act and IBC.
- Who
- Homebuyers of Parsvnath Exotica and Parsvnath Developers Ltd
- What
- Supreme Court warning and RERA order enforcement issues
- When
- July 20, 2024
- Where
- Gurugram, Haryana, India
- Why
- Parsvnath Developers failed to comply with RERA orders and grant possession of flats
Homebuyers
Parsvnath Developers
Enforcement of RERA Orders
Homebuyers
Homebuyers struggle to enforce RERA orders due to lack of teeth in the Act and slow execution processes.
Parsvnath Developers
Parsvnath Developers have allegedly delayed compliance by transferring liabilities and failing to appear in court.
Legal Recourse
Homebuyers
Homebuyers are forced to rely on RERA and explore remedies under the Consumer Protection Act and IBC due to limited options.
Parsvnath Developers
Parsvnath Developers have used appeals and bankruptcy declarations to delay payments.
- Company Name
- Parsvnath Developers Ltd
- Project Name
- Parsvnath Exotica
- Location
- Gurugram, Sector 53
- Year of Allotment
- 2006
- Promised Possession Time
- 36 months
- Amount Paid by Buyers
- Rs 1.78 crore
- RERA Order Interest Rate
- 9.3% per annum
- Supreme Court Warning
- Jail threat and freezing of bank accounts