[INDIA REAL ESTATE NEWS] Good morning, everyone. I’m Shubham Pundir staff of |
Kamagroup Pvt. Ltd. Here I have important INDIA REAL ESTATE news to share with
you which is as under mentioned.
In order to ensure that homebuyers recover their money, including interest paid on home
loans, the National Consumer Disputes Redressal Commission (NCDRC) has said builders
should refund money for delayed projects with interest at the rate at which a nationalised
bank like SBI gave home loan during the corresponding period.
The apex consumer commission has said builders have to pay compensation and litigation
cost to homebuyers who seek refund. In the absence of uniformity in decisions by consumer
forums on interest rate, the NCDRC has said linking it with rate of interest of home loan is
“appropriate and logical”.
The commission passed the order on a plea of 20 homebuyers who had invested around Rs
10 crore in Wave Garden housing project in Mohali in 2012. The builder — Country
Colonisers Pvt Ltd — had promised to hand over possession of flats within three years but
failed to complete construction in the last seven years.
Read more at: https://economictimes.indiatimes.com/wealth/real-estate/refund-home-buyers-for-delays-with-interest-equal-to-home-loan-rate-ncdrc/articleshow/70122910.cms
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Have a nice day.