The Supreme Court upheld a National Consumer Disputes Redressal Commission (NCDRC) order requiring a developer to refund the entire amount paid by home buyers for delayed possession of their apartment.
A seat of Judges B R Gavai and Sandeep Mehta upgraded the pace of interest from 9% granted by the NCDRC to 12 percent, saying the home buyers were made to suffer over lengthy for no mistake of theirs.
It added that however the heading concerning revenue is changed to the degree that it will be paid at the pace of 12% per annum from the date of respective deposit till the date of discount.
It stated that the unpaid amount in accordance with the foregoing must be paid within three months of the date of this judgment.
The home purchasers have tested the September 29, 2022 order for the NCDRC by which it has partly permitted the protest and coordinated the respondent, M/s Parsvnath Developers ltd, to refund the sum with revenue at the pace of 9% per annum from the date of particular deposit till the date of discount.
Regarding this, the bench of Judges says, "In our view, the commission, at least, ought to have awarded interest at the rate of 12% per annum in view of clause 7(b) of the Agreement. In the result, the appeal is partly allowed. The direction made by the commission for refund of the entire amount deposited by the complainants-appellants is upheld”.
“We find that the learned Commission has rightly directed the respondent- Developer to refund the entire amount deposited by the complainants-appellants. However, we find that, insofar as award of interest at the rate of nine per cent per annum is concerned, the Commission was not justified in the facts of the case to award a lesser interest than even the one agreed upon in the agreement”, the bench added.
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