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Delhi District Commission Orders Shree Vardhman Developers To Refund Amount Paid By Homebuyer.

Very newly a judgment was given by the District Consumer Disputes Redressal Commission directed Shree Vardhman Developers Pvt. Ltd to refund 48 Lakhs with interest to homebuyer for delayed possession and deficiency in service.

In this case, the complainant allotted a flat in the builder's project named Shree Vardhman Gardenia, Haryana and paid initial amount of Rs. 1,00,000.

The homebuyer takes a loan of Rs 41,48,001 for the purchase from ICICI Bank. The bank directly credited Rs 38,68,001 to the account of the builder.

He had signed a Flat Buyer's Agreement with the builder. As per the agreement, he was to bear the EMI payments of the loan till the date of possession was given to the homebuyer.

However, this quickly became frustrating when builder stopped paying EMI to the bank due to which financial stress was inflicted upon the homebuyer. This issue is attempted to be solved in many ways. Homebuyer has sent numerous letters to both the bank and the builder. All of his letters were ignored.

In addition, upon visiting the project site, it was discovered that construction was behind schedule. Consequently, the complainant opted to withdraw his step back from the project and demanded a refund of the amount paid.

Feeling aggrieved by the non-refund it lodged a complaint application before the CDRC, South Delhi seeking a refund of Rs. 46,38,001 along with 18% interest and Rs. 5,00,000 towards mental torture, Rs. 5,00,000, toward harassment through unfair trade practices and Rs. 1,00,000 toward litigation cost.

The commission noted that even after paying a considerable amount of consideration, the homebuyer neither obtained possession of the flat nor the amount refund made after withdrawal from the project.

Commission held that no one can be kept waiting for an extended period for possession of the flat allotted to him and he is granted the right to seek a refund of the amount paid by him with compensation.

Therefore, the Commission ordered that the amount of Rs. 46,88,001 together with an interest of 9% from the date of the last deposit be paid back within a period of 30 days. The Commission also directed the builder to pay Rs. 10,000 to the homebuyer for the mental and physical inconvenience caused.

Published by Voxya as an initiative to help consumers in resolving consumer complaints.

submitted by /u/Voxyacomplaintforum
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source https://www.reddit.com/r/RealEstate/comments/1gmfwrx/delhi_district_commission_orders_shree_vardhman/

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