BEATTY TONY Vs. PRESTIGE ESTATE PROJECTS PVT. LTD.

JUDGEMENT

(1.) I.A. No. 5203 OF 2014

(2.) The petitioner/complainant entered into an agreement with the opposite party no. 2 as the seller and the opposite party no. 1 as the builder for purchase of a residential flat in block no. 4, Prestige Shantiniketan, for a total consideration of Rs. 40,03,600/-. As per the agreement between the parties, the possession of the property was to be delivered and the transaction was to be completed within 39 months of 01.07.2005 i.e. by 01.10.2008. The agreement also granted a grace period of three months to the opposite parties. In the event of delay in handing over possession, the opposite parties were required to pay interest at the rate of 7% per annum to the complainant.

(3.) Vide letter dated 01.03.2007, the opposite party informed the complainant that the work at the site was delayed due to: