PUNEET MALHOTRA Vs. PARSVNATH DEVELOPERS LTD

JUDGEMENT

(1.) The complainant in CC/232/2014 booked a residential flat with the opposite party-Parsvnath Developers Ltd. in a Complex known as "Parsvnath Palacia" which it planned to develop and construct in Greater Noida and a Flat-Buyer Agreement dated 28.12.2007 was executed between the parties. The complainant opted for Down Payment Plan, whereby only 5% of the sale consideration remained to be paid at the time of offer of possession. According to the complainant, the construction was to be completed within thirty-six months i.e. by December, 2010. The construction however, came to be stopped by the opposite party in July, 2008. The complainant had taken a home loan of Rs.40.00 lacs from the ICICI Bank for making payment to the opposite party and he was paying about Rs.50,000/- per month towards Equated Monthly Instalments (EMI) of the aforesaid loan. The opposite party entered into an agreement with the petitioner, whereby it was to reimburse a part of the EMIs paid by the complainant till the possession was given by it. The opposite party however, defaulted in the said reimbursement and stopped the same altogether since October, 2012. Considering the unreasonable and inordinate delay on the part of the opposite party in completing construction of the project, the complainant is seeking refund of the amount paid by him to the opposite party, along with interest on that amount @ either 18% per annum or @ 24% per annum. He is also seeking Rs.15.00 lacs towards damages, besides cost of litigation.

(2.) The Complainants in CC/233/2014 booked a residential flat in another project of the opposite party known as "Parsvnath Privilege", which it was to construct in Greater Noida and after allotment on 23.02.2007, entered into a Flat-Buyer Agreement dated 22.09.2008 with the opposite party. According to the complainant, the construction was to be completed within a period of thirty-six months. The aforesaid complainants opted for Construction Linked Payment and made a total payment of Rs.53,40,071/- towards full payment of the flat booked by them. The complainants also took home loan for Rs.45.00 lacs from HDFC Bank and have been paying EMIs to the said Bank, to the extent of Rs.40,224/- per month. However, the construction of the project has not been completed by the opposite party, consequently, the complainants are seeking refund of the amount paid by him, along with interest on that amount @ 18% or 24%, besides an amount of Rs.9,75,000/- towards the rent alleged to have been paid by them during the period from February, 2010 to July, 2014. They are also seeking Rs.15,00,000/- towards damages.

(3.) The complainant in CC/293/2014 booked a residential flat in "Parsvnath Privilege" and paid a sum of Rs.45.00 lacs to the opposite party. He entered into a Flat-Buyer Agreement dated 28.05.2007 with the complainant. Initially, he also opted for Construction Linked Payment Plan and made some payment accordingly, but in the year 2007, the opposite party came out with a scheme offering a 10% rebate in case payment was made in lump sum. The complainant therefore, made the entire payment, except 5%, in lump sum by September, 2007, so as to avail the aforesaid 10% rebate and only 5% of the sale consideration remained to be paid at the time of possession. This complainant also took a home loan of Rs.35.00 lacs from Axis Bank and is paying EMIs in the sum of Rs.43,875/-. Since there has been inordinate delay in completion of the construction, he is also seeking refund of the amount paid to the opposite party, along with interest @ 18% or 24% per annum, besides compensation amounting to Rs.15.00 lacs and cost of litigation.