Consumer Forum Directs Builders to Compensate Parsvnath Exotica Buyers

02 Apr 2024 CW Team

A consumer forum has ruled in favour of Parsvnath Exotica buyers, ordering the builders to provide compensation for the delay in possession of their properties. This decision marks a significant victory for the aggrieved buyers who have faced prolonged waiting periods for their homes.

The directive from the consumer forum underscores the importance of upholding consumer rights and holding developers accountable for project delays. It serves as a deterrent against unfair practices in the real estate sector and highlights the need for builders to fulfil their commitments to homebuyers in a timely manner.

The compensation ordered by the forum is expected to provide relief to Parsvnath Exotica buyers who have endured financial and emotional hardships due to the prolonged delay in possession. It reaffirms the principle of justice and restitution for consumers who have been adversely affected by developer negligence.

Furthermore, the ruling sets a precedent for similar cases involving project delays and non-delivery of homes, sending a clear message to developers to prioritise timely completion and delivery of projects. It underscores the forum's commitment to protecting the interests of homebuyers and ensuring accountability within the real estate industry.

Overall, the consumer forum's decision to mandate compensation for Parsvnath Exotica buyers reflects a victory for consumer rights and serves as a reminder to developers to uphold their obligations towards homebuyers. As the affected buyers receive the compensation they deserve, it reaffirms the importance of transparency, accountability, and adherence to timelines in the real estate sector.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..