JUSTICE V.K. JAIN, PRESIDING MEMBER (ORAL)

The complainant booked a residential unit with the opposite party in a project namely “Earth Copia” which the opposite party was to develop in Sector 112 of Gurgaon.  Vide allotment letter dated 12.3.2012, an apartment unit No. 402 in Tower H on the fourth floor was allotted to the complainant.  The parties then executed the Apartment Buyers Agreement dated 28.5.2012, incorporating their respective obligations.  The total cost of the apartment was agreed at Rs.87,16,205/-.  As per Clause-11 of the Buyers Agreement, the construction was expected to be completed within 36 months from the execution of the agreement, though the opposite party had a six months’ grace period available to it and the aforesaid term was subject to force majeure conditions.  The possession therefore ought to have been delivered by 28.11.2015 after, including the grace period of six months.  The grievance of the complainant is that the possession of the apartment has not been offered and even the construction is not being carried out, despite he having already paid a sum of Rs.66,29,404/- to the opposite party.  The complainant is therefore before this Commission, seeking refund of the aforesaid amount, along with compensation etc.

2.      The opposite party did not file its written version despite service of notice and therefore, the right of the opposite party to file its written version was closed vide order dated 30.01.2018.

3.      I have heard the learned counsel for the complainant and have considered the affidavit filed by the complainant by way of evidence.  No-one is present for the opposite party when the matter is called.

4.      The affidavit filed by the complainant, coupled with the documents filed by him proves the allotment claimed by him.  The possession of the apartment in terms of the Buyers Agreement executed between the parties ought to have been delivered by 28.11.2015.  That having not been done, the complainant is entitled to refund of the entire amount paid by him, along with compensation in the form of interest. 

5.      The learned counsel for the complainant states that the complainant had raised a housing loan of Rs.42,57,000/- from Dena Bank at the interest of 10.25% per annum.  She further states on instructions that the complainant is restricting him claim to refund of the amount of Rs.42,57,000/-, along with interest @ 10.25% per annum and the claim for the refund of the balance amount is being restricted to the principal amount along with compensation in the form of interest @ 10% per annum, considering the recent downward trend in the rates of interest as well as the erosion in the market value of the Real Estate.

6.      The complaint is therefore, disposed of with the following directions:

(i)      The opposite party shall refund the entire principal amount of Rs.66,29,404/- to the complainant.

(ii)      The opposite party shall pay compensation in the form of simple interest on the amount of Rs.42,57,000/- @ 10.25%.  Interest on the balance amount shall be paid @ 10% per annum, from the date of each payment, till the date of refund.

(iii)     The opposite party shall also pay Rs.25,000/- as cost to the complainant.

(iv)    The payment in terms of this order shall be made within three months from today.