2018 has been a crucial one for the real estate giants as the Supreme Court as well as National Commission has passed significant orders against many of the real estate companies. It is very important for homebuyers to understand what steps or orders the Apex Court is taking or passing to protect the interest of homebuyers so that their hard earned money does not get subjugated in the hands of real estate players.
In one particular case, the National Commission held Unitech Limited guilty of deficiency in service for over 10 years delay in handing over possession of the flat. The Commission directed Unitech Limited to refund the amount of Rs. 58.41 lakh along with compensation of simple interest @ 10% per annum.
In this case, the homebuyer, who is currently residing at USA, had booked a flat in the project named Unitech Habitat in Greater Noida, Uttar Pradesh. The homebuyer started paying the amounts as per the payment plan and demands raised by Unitech of Rs. 58,41,623/- for which they also issued provisional allotment letter. The remaining amount was agreed to be paid at the time of delivery of possession.
Unitech had promised to hand over the possession in 36 months, however, like most of its cases, in this case also Unitech failed to keep its commitment and failed to deliver the possession of the flat. Regardless of making full payment as and when demanded by Unitech, the possession was not delivered to the homebuyer as a consequence of which the aggrieved homebuyer approached the National Commission.
The National Commission after perusing the documents on record stated that the homebuyer by way of an un-contradicted testimony has proved that Unitech has entered into an agreement with the homebuyer and was supposed to hand over the apartment to the homebuyer within 36 months but despite the expiry of the said period the possession of the apartment was not handed over to the homebuyer.
The National Commission directed Unitech to refund the entire amount of Rs. 58,41,623/-to the aggrieved homebuyer and compensation of simple interest @ 10% along with Rs.10,000 as the cost of litigation to the homebuyer.
The basic duty expected from builders is to provide flats/apartments to the homebuyers who purchase it by investing all their hard-earned money with the hope of having a shelter. However, to the utter disappointment, all their faith and trust remains unanswered when the builder fails to deliver the possession. The Supreme Court of India and National Commission are taking all the possible steps to recover the damages made to the innocent homebuyers by imposing stringent penalties to the real estate giants however, the question left unrequited is how long this would go? When this suffering of homebuyers will stop and they can have their own home without much apprehension?