BEFORE:

        HON’BLE MR SUBHASH CHANDRA                    PRESIDING MEMBER

          HON’BLE AVM J RAJENDRA, AVSM VSM (RETD.,) MEMBER

For the Complainant             Mr Vivek Singh, Mr Dhruv Gupta and

                                                                                Ms Esha Shonak, Advocates

For the Opposite Parties       Mr Prabhakar Tiwari, and Ms Shruti,

                                        Advocates 

Dated : 18^th October 2024

ORDER

        Heard the learned counsel for both the parties.

The short issue in this matter is that the project which was delivered along with the extended grace period by 09.01.2011 has not yet been completed as admitted by the counsel for the opposite party. Counsel appearing on behalf of the opposite party submits that it will take another six more months to complete the project. Counsel appearing for the complainant submits that the delay beyond 2011 is inordinate and that he is not interested to take possession of the flat anymore and he presses for the refund of the amount deposited along with compensation as deemed suitable.

        In view of the settled position of law as held by the Hon’ble Supreme Court in Fortune Infrastructure & Anr. Vs. Trevor D’Lima & Ors., (2018) 5 SCC 442, Kolkata West International City Pvt. Ltd. Vs. Devasis Rudra, (2020) 18 SCC 613 and Pioneer Urban Land and Infrastructure Ltd. Vs. Govindan Raghavan, in CA No. 12238 of 2018 decided 02.04.2019, (2019) 5 SCC 725, the exercise for option of refund by the complainant cannot be faulted. As held by the Hon’ble Supreme Court in Experion Developers Pvt. Ltd., vs Sushma Ashok Shiroor, Civil Appeal no.6044 of 2019, the rate of interest of 9% on refund is considered to be just, fair and equitable.

        In view of the fact that the opposite party has fairly admitted that the project has not yet been completed and it may take a minimum six more months to complete and that there is no Completion or Occupation certificate available as on date, the complaint is allowed with the following directions:

1. Opposite party is directed to refund the amount of Rs.94,50,068/- deposited with interest thereon as compensation @ 9% per annum from the respective date of deposits without any deductions within a period of three months as agreed to by him today, failing which the applicable rate of interest shall be 12% per annum till realisation.

In view of the above order which is arrived at by mutual consent, there shall be no order as to cost.

The complaint is disposed of in the above terms.