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Interest rate on refund of flat amount

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On 15.7.2018, the appellants original complainants deposited Rs.16,03,066/0 for 3 bhk flat in the project of the respondent.   Second instalment was paid on 14.8.2008.  On 10.10.2008, the Flat Agreement was executed and the appellants were allotted Flat No.301 of 1805 sq.ft  in Tower No.3 of the project for Rs.1,28,24,525/-.

The construction would be completed in 30 months with grace period of further six months.

The appellants paid Rs.1,30,62,971/- (i.e. 95% amount) during the period of 15.7.2008 to 21.12.2013 as per the demand of the Developer.

In the meanwhile, the Developer unilaterally transferred another Flat No.702 in Tower No.2 to the appellants.

In June, 2015, during visit to the site the appellants found that there was no construction.

In 2016, the appellants filed consumer complaint for refund of entire amount with interest at 24% as well as compensation with interest.

By the order dated 29.9.2022, the National Consumer Commission allowed the complaint partly and directed the developer to refund entire amount with interest at 9% per annum.

Interest on the refund of entire amount ought to have been granted at 12% per annum in view of the Agreement.

Judgment dated 29.7.2024 of the Supreme Court in Civil Appeal No.8985 of 2022 of Vidya and others   Vs. M/s. Parsvnath Developers Ltd

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