Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
12,018.40-24.8
Stock Analysis, IPO, Mutual Funds, Bonds & More

NCDRC orders Emaar MGF Land to refund home buyer's money with 10.3% interest

The home buyer had booked an apartment in 2012 in the company's Palm Gardens project in Gurugram, the possession which was to be given in 36 months with a three-month grace period. Buyer claims that possession has not been offered till date.

, ETRealty|
Nov 14, 2019, 12.07 PM IST
0Comments
Getty Images
cohomoney
Emaar MGF Land has also been ordered to pay Rs 25,000 as the cost of litigation to the buyer.
NEW DELHI: The National Consumer Dispute Redressal Commission (NCDRC) has ordered Emaar MGF Land to refund a home buyer's money with interest of 10.3% per annum from the date of each payment till the date of refund.

The payment shall be made within three months from November 11.

The buyer represented by advocate Adita Parolia of PSP Legal pleaded that he had booked an apartment in 2012 in the company's Palm Gardens project situated in Sector 83, Gurugram.

The possession of the apartment was to be given in 36 months with a grace period of three months. However, the possession has not been offered till date claimed the buyer in his plea.

The advocate representing the builder said that though he is not aware of the date on which the occupancy certificate was applied for the tower in which the alloted flat is located, the said OC has been received after a written version was filed in May 2018.

The builder futher pleaded that the project was delayed as some of the flat buyers did not pay their respective dues on time which resulted in the delay. The plea was however outrightly rejected by the court.

Emaar MGF Land has also been ordered to pay Rs 25,000 as the cost of litigation to the buyer.

Also Read

Falling interest rates hit pensioners

Understanding open interest in commodities

Interests of Air India employees would be protected: Government

Top 5 banks' home loan interest rates

Home loan interest rates linked to repo rate

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service