[Harsh Pancholi]

Mumbai: The 10-odd buyers of luxury flats took a sigh of relief, as the builder of proposed 71-storey Orchid heights at Jacob Circle has agreed to return the money they have paid with ‘handsome’ returns..

The buyers had filed petition against Neelkamal Realtor to the Bombay high court last month alleging cheating and gross delay in even starting the construction of the free-sale building in a redevelopment project for seven years. They have paid anywhere between Rs 2 crore and Rs 3 crore for each flat since 2010.

Justice S J Kathawalla had asked for details from the realtors about the timetable of the construction up to completion on March 1. Meanwhile, the developer and the litigating purchasers’ group led by Yatin Gupta and Kaushal Bagadia then hammered out a settlement.

In one of the speediest settlements–after twenty one days and 10 hearings–Neelkamal Realtors, in which IL&FS has considerable shareholding, decided to return their money by August, with the first instalment being instant.



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