Parsvnath Developers to pay buyers for not having delivered on time
The Supreme Court has upheld the National Consumer Dispute Redressal Commission’s (NCDRC) judgment directing Parsvnath Developers Limited to refund payment received from two buyers for failing to deliver their flats on time. The developer had ensured the flats’ possession within 36 months at the time of booking.
Thousands of flat buyers in Delhi-NCR region have reasons to smile as the National Consumer Disputes Redressal Commission (NCDRC) has directed reality giant Parsvnath Developers that if it fails to handover possessions to its customers on time as promised during booking, it will have to return the money with 18 percent interest.
The NCDRC passed the order after hearing a petition filed by two of the buyers. It rejected builder’s argument which said the commission had no right to hold a hearing on the complaint.
The NCDRC ordered the Parsvnath Developers to return money to Mahajan and Dwivedi respectively with 18 percent interest. The builders will have to pay interest to the buyer’s right from the date of booking to the date of returning money. Apart from this, the developers will have to pay Rs 7 lakh within 90 days to each of the buyers for causing them mental agony, failing which they will have to pay interest at 24 percent.
Source: Hindustan Times
Apartments for sale in Delhi-NCR, Delhi NCR, National Consumer Disputes Redressal Commissio, NCDRC, Parsvnath Developers Limited
