DLF, one of the largest real estate companies in India, has been directed to pay nearly Rs 80 crore to a private company for rescinding from an agreement for construction and sale of a tower in Gurgaon. The tribunal's bench, presided by Justice A P Shah, directed DLF to pay a compensation of Rs 50 crore and also refund Rs 26.53 crore already paid to it by IP Support Services (India).
DLF, in its defence, had claimed that terms of agreement were consciously and voluntarily entered into by the parties and the claimant had clearly understood that building plans regarding the proposed project were tentative and were subject to change.
According to the complainant law firm, it had entered into an agreement with DLF in 2010, for the construction and sale of a standalone Tower in Phase V in Gurgaon. However, within nine months of signing the deal and after having received 25 per cent of total sale consideration of over Rs 100 crore, DLF sought to unilaterally terminate the agreement.
DLF is one of India’s largest real estate companies that has over 60 years of track record of sustained growth, customer satisfaction, and innovation.
