Realtor Ordered To Refund Buyer's Money With 12% Interest By NCDRC

New Delhi: Realty player Ansal Phalak Infrastructure  has been ordered to give Rs 50.94 lakh back to a home buyer with 12 percent interest per annum from the date of deposits till realization, according to a news report by 

The buyer approached the court as he did not get possession of a property in Avante Floors, Versalia that he had bought after signing an agreement in 2014 with the builder. The sale agreement had mentioned he would be given possession in 36 months with a maximum extension of six months. 

Interestingly, the builder argued in the court that the home buyer had signed the sale agreement after understanding all the rights and obligations arising therefrom and the agreed time period for giving possession was subject to the company getting approvals and permissions from the concerned authorities. 

But the court rejected the developer’s plea saying that it should have informed the buyers before taking bookings for property that it was yet to apply for the approvals. Even if it had applied for the approvals but the same had not been received by it by the said time, it out to have informed the customers, the court ruled.