G D A Vs. R G SAXENA

JUDGEMENT

(1.) WE have heard the parties. In the present case, the main grievances are the reduction of rate of interest by the State Commission from 21% to 18% and also non-allowance of any initial development period during which interest should not run. WE had a occasion to consider the question relating to the rate of interest and also the period during which the interest has to run in HUDA v. Darsh Kumar. In the present case also we, following our earlier decision, direct that interest shall be payable @ 18% and it will run from two years after the date of the deposit till the date of payment. Counsel for the petitioner state that there should be exemption from the interest for the first two and half years. He has not brought on record copy of the brochure to support his argument. In the absence thereof, it will be appropriate to follow decision in the case of HUDA v. Darsh Kumar. With these observations, this petition is disposed of. Revision Petition disposed of.