News: Gurugram: Give flats in six months or pay 12% interest, builder told-05-04-2022
Launched in 2008, ILD Greens in Sector 37C was to be delivered by 2013. But tower 2, which has 260 units, is still incomplete despite the allottees having paid around 90% of the dues. ILD Greens has a total of six towers, five of which have been completed.
GURUGRAM: The National Consumer Disputes Redressal Commission (NCDRC) has directed a developer, ILD, to hand over in six months flats in a housing project in the city that was launched 14 years ago. The commission ruled that if the developer failed to deliver the flats within the time period, it would have to pay a 12% interest for the delay.
Launched in 2008, ILD Greens in Sector 37C was to be delivered by 2013. But tower 2, which has 260 units, is still incomplete despite the allottees having paid around 90% of the dues. ILD Greens has a total of six towers, five of which have been completed
The homebuyers had approached the consumer court in 2016. “If the delay is beyond six months, buyers will have an option to seek refund at 9% simple interest per annum which must be paid in six weeks, else the builder will pay an interest of 12%,” the court said in its order issued in the first week of March. The court also directed the developer to pay the complainants Rs 50,000 as litigation cost.
Sushil Kaushik, who represented the aggrieved homebuyers in the court, said, “The judgment provides for adequate compensation for homebuyers and acts as a warning to the builder to complete the houses and give possession within six months, failing which it will have to bear the further cost of delay.”
The order came as a relief for the buyers. “In keeping with the builder-buyer agreement, the compensation for the delay is Rs 5 per sqft and the court usually directs developers to pay 8%. But in this judgment, the court has ordered 12% simple interest per annum,” said Nidhi Chawla, a resident.
Amlan Kundu, one of the petitioners, said, “It’s been a long wait. I was forced to sell my only house in Ghaziabad and also my parental house in Kolkata to overcome the stress of growing EMI payments and the rentals of my current place of residence. But I still don’t have a home.”
“The judgment, indeed, restores our faith in the judiciary. We hope that our homes will be delivered within six months,” he added.
Sudesh Bagga, a 79-year-old allottee who retired as a teacher and booked a flat in ILD Greens in 2008, said, “I had invested all my retirement funds. The court has given hope to people like me to get my money back and buy a house.”
A spokesperson for the developer said “the matter is subjustice and hence the company would not like to comment”. “The project has six towers, out of which five have been.
