NEW DELHI: Realty firm Parsvnath Developers Ltd on Wednesday said that the Supreme Court has directed the Chandigarh administration to refund Rs 47.75 crore, along with interest, to its subsidiary firm PFCL as film city project failed to take off. According to a regulatory filing, Parsvnath Film City Ltd (PFCL) was set up to implement a Multi-media-cum-Film City project near Chandigarh on the land to be provided by the Chandigarh administration.
The Chandigarh administration could not hand over the possession of the land to PFCL in terms of the said development agreement. The PFCL had sought refund of the allotment money paid, along with compensation, cost incurred, and interest thereon.
“Supreme Court has allowed the appeal of PFCL, and directed Chandigarh Administration to pay PFCL the amount of initial deposit i.e. Rs 4,775 lakhs (25 per cent of bid amount) along with the interest at 8 per cent per annum from the date of deposit of bid amount,” Parsvnath Developers said.
The apex court has directed to pay the amount on or before June 30, 2025, it added.
“In case the amount is not paid on or before June 30, 2025, the interest shall be at the rate of 12 per cent per annum,” Parsvnath said.
Delhi-based Parsvnath Developers has constructed many real estate projects across major cities of the country.
