POONAM VASISHT Vs. PARSVNATH DEVELOPERS LIMITED

JUDGEMENT

(1.) The admitted facts of the case are that complainant had booked a flat No. 902 in Tower No. T-12 measuring 1855 sq. ft consisting of 3 bedrooms, 3 toilets, drawing / dinning, kitchen with utility, balconies, servant room with toilet in the complex known as "Parsvnath Privilege " in the year 2006. Flat Buyer Agreement dtd. 15/5/2007 was entered into between the parties and as per the terms and conditions of the said agreement, construction of the said flat was to be completed within 36 months i.e. by April, 2010.

(2.) It is submitted by the complainant that construction of the flat was not completed even till the date of filing of the complaint on 9/10/2015 and, therefore, there has been a considerable delay. She had paid total amount of Rs.47,42,000.00. This inordinate delay has caused lot of sufferings to her and has prayed that opposite party be directed to refund the principal amount of Rs.47,42,000.00 alongwith interest @ 18% p.a. or such amount at the same rate of @ 24%p.a. and also award Rs.10.00 lacs for mental agony alongwith cost of litigation.

(3.) In the reply filed by the Opposite Party, it is not disputed that construction of flat was not completed till the date of filing of the complaint. It is further submitted that demand of 18% interest p.a. is contrary to the terms of the Flat Buyer Agreement. It was also submitted that project was under way and was never abandoned by the opposite party and money of the complainant was utilized towards the construction of the flat only. It is further submitted that delay occurred due to global recession which hit the economy in 2007-2008 which largely affected the real estate sector. It is submitted that complainant was entitled for the payment of compensation as specified in clause 10 ( c) of the Flat Buyer Agreement in case of delay.