NCDRC says that builders pay for delayed interest equal to the price of home loan

New York (Reuters) – Construction companies should repay their homeboys for late-repayment projects at a rate at which state-of-the-art banks such as State Bank of India (SBI) have a home loan during the year according to the National Consumer Dispute Committee (NCDRC) Loaned It is done to ensure that homebuyers recover their money

NCDRC said that construction companies should pay the compensation and litigation costs to home buyers seeking a refund. In the absence of uniformity in consumer interest rate decisions, the top consumer committee said that its affiliation with the interest rate was reasonable and logical.

In 2012, the Commission released applications based on 20 homebuyers who invested around Rs 10 crore in Wave Garden Residential Project in Mohali. Accordingly, Country Colonizers Pvt Ltd has promised to get apartments within three years but has failed to complete the construction in the last seven years, according to a report published in TOI.

An advocate for SM Kantikar and Dinesh Singh said: “With regard to the refund of the original amount by the complainant, there can not be two opinions in it.” In relation to the interest on the deposited amount, the amount required by the builder should be completed. , To the extent possible and reasonable in the facts and characteristics of the case. “

He also said that “Interest rates can not be arbitrary or eccentric, should be justified and acceptable justification and subjective should be reduced. In our view, keeping in mind that a housing in the respective unit residential housing project The unit is, appropriately adjusted and on a home-building loan for the relevant period in the logical bank, and if the floating interest rates are prescribed / varied or different, then the interest rate The more you play, the more immediate interest should be paid. “

It should be noted that the designer was instructed to pay a compensation of Rs 1 as compensation to both home buyers and litigation. The commission imposed a fine of Rs 5 on indulging in unfair trade practices and directing all the funds to be deposited within four weeks.

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