Supreme Court to Privilege Flat Buyer’s Interest

Flat buyer’s in the National Capital Region have been dealing with delayed deliveries of their real-estate (even after full payment to the builders) on the one hand and paying off of their loan interests on the other. With the time line obliterated, where it was seeming such that they would be full filing their loan obligations with no actual ownership in the said flats, the Apex Court’s decision is a ray of hope.  Justice may have been delayed, but it surely has not been denied.

An apex court bench with Honourable Justice V.K. Jain, smacked a penalty on real estate giants such as Jaypee, Amrapali, Supertech, and Unitech for delay in handing over of flats. The bench has directed them to deposit 14 % interest on Rs.16.55 crore invested by 39 or more home buyers. The court issued a statement that the said interest would be applicable from 10 January, 2010, and asked the real estate major to deposit the amount with the apex court registry within eight weeks. Further, 90% of this amount is to be disbursed to home buyers proportionally, in a manner similar to one adopted while giving refund of the principal amount.

Another important headline in favor of home buyers came up when the Supreme Court, in a landmark judgement, paved the way for them to directly drag builders to the National Consumer Disputes Redressal Commission (NCDRC) for delay in delivering projects.


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