Initiation of CIRP against the SDIL vide order date 16th July, 2019 by the NCLT. To know more join the owner's discussion group by clicking the Telegram logo Image

Builder told to pay Rs 20k/month penalty for delay in project

Anything related to Real Estate- Deals, New Projects, News etc....
vinayayachit
Posts: 3
Joined: Mon Nov 17, 2014 5:21 pm

Builder told to pay Rs 20k/month penalty for delay in project

Unread postby vinayayachit » Mon Jan 25, 2016 11:53 am

This is big relief to those who are unable to sustain both EMI and rent.

Builder told to pay Rs 20k/month penalty for delay in project
Neha Shukla | TNN | Jan 25, 2016, 06.20 AM IST

LCKNOW: The National Consumer Disputes Redressal Commission has ordered Parsvnath Developers to pay a monthly penalty to buyers for delay in handing over flats in Parsvnath Planet, a residential project in the city's Gomtinagar locality.
The builder will have to pay Rs 15,000 per month to complainants who had applied for flats up to 175 sq metres, while those who went for bigger flats will get Rs 20,000 every month, the commission ruled.

The order comes just a few months after the NCDRC had asked another builder, Unitech, to pay compensation at 12% per annum for delaying delivery of apartments to buyers in one of its projects in Gurgaon.
In the Parsvnath case, the NCDRC observed that according to the agreement executed in 2006, the developer was to give possession of flats to allottees within 42 months, that is, in 2009-10. However, flats have not been handed over till now.

The penalty will be calculated from the 54th month after the execution of the flat buyer agreement till the handover of flats. The buyers were assured (by Parsv nath Developers) that the project had been duly approved by the Lucknow Development Authority and necessary permission obtained from them," the National Consumer Disputes Redressal Commission said.
However, when the appellants visited the construction site after depositing the entire amount, they were told that construction had been stopped and apartments were likely to be completed by 2015. The constructions at the site also did not match specifications mentioned in the agreement.
An official in Parsvnath Developers said, "We received the order two days. We will seek legal opinion," The complainants wanted further relief from the SC. "We will go to the SC because a time limit for allotment has to be fixed or higher compensation should be awarded," said Sarvesh Sharma, the lawyer who represented the buyers.

Return to “Real Estate News”

Who is online

Users browsing this forum: No registered users and 1 guest

unnathi.in : Disclaimer