The Real Estate Developer had assured to give away the flat within 48 months, with an additional six months grace period, which ended on June 2016.
NCDRC has recently ordered a well known Real Estate Developer- Wave Group to refund home buyer's money INR 64.2 lakh with 12% annual interest for the delayed period as the builder failed to hand over the flat to the buyer within the stipulated period.
Noida, 24th September 2019: Setting a perfect example to take homebuyers seriously, the National Consumer Disputes Redressal Commission (NCDRC) has passed an order to refund home buyer's money about INR. 64.2 lakh with 12% annual interest
According to Real Estate News Noida, Mr. Ramkrishna Sharad Parsodkar and his wife Ms. Smita from Nagpur has bought an apartment in 'Serviced Residences' project in Wave City Centre located in Sector 25A and 32, Noida, in November 2012. This is a premium residential development introduced by WAVE Group, Rs. 15,000 Crore diversified conglomerate.
Wave Group failed to complete residential development in time. And now, the developer will have to pay back with 12% annual interest to the home buyer for the delayed period. This is indeed a warning for all such real estate developers who make customers wait indefinitely for the delivery of the apartment.
The Parsodkars informed the NCDRC that construction was lagging from the stipulated time frame. On the other hand, the developer claimed that the residential development construction got hampered owing to National Green Tribunal order that blocked all builders in Noida and Greater Noida from extracting groundwater for construction.
This stalled work for about 7 months in 2013 and another 3 months were wasted due to farmers' objection. However, NCDRC turned down its arguments and noted that 7 years had passed and the project is still nowhere near completion.
Also, the NCDRC did not support the developer’s argument that the home buyer could not be treated as a consumer and that the contract said any dispute between the parties shall deliver judgment as per the provision of the Arbitration and Conciliation Act.
The developer’s claim that the buyer was allowed to get compensation of only 7.5 Rs. per square feet per month and addressing the contract condition as unfair trade practice was also turned down by the commission.
As per the Real Estate News Noida Extension, The WAVE group has got a wide portfolio of businesses that includes sugar manufacturing, Infratech (real estate), distilleries and breweries, beverages, education, and entertainment.