SC Orders DLF to Handover Delayed Panchkula Flats by November

The Court also reduced the compensation to be paid by DLF for the delay in possession from 12 to 9 percent.

A proposed elevation of one of the buildings in The Valley Project. (Photo Courtesy: The Valley Website)

• The Supreme Court (SC) directed the real estate giant DLF to give possession of 50 flats in its Valley Project in Panchkula by 30 November. The company has delayed possession of the flats by almost 4 years.
  
• The court has also reduced compensation to be paid by the company to the buyers from 12 percent to 9 percent. The penalty has to be paid only if DLF is unable to handover the flats by the set date. In a clarification, the court said that this reduction will not set a precedent for future cases.
  
• The project has over 1,400 residential plots and flats, of which possession for 1,300 has been given and 156 still remain, DLF informed the court.
  

(With inputs from Bloomberg Quint)