The Supreme Court said: builders sell a dream to those who buy flats, penalty for not fulfilling

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Supreme court: The Supreme Court has said that if the builders now delay in delivering the flats, they will be allowed to buy the flat at the price of the flat for the period of delay in delivery, in addition to the monthly per square foot penalty to the flat owner as per the buyers’ agreement (ABA). Will have to pay six percent annual interest. Also Read – Prashant Bhushan Contempt Case: Attorney General told the court- ‘Leave Prashant Bhushan by warning and …’

A division bench of Justices DY Chandrachud and KM Joseph asked DLF Southern Homes Pvt Ltd and Annabel Builders & Developers Pvt Ltd to pay six per cent per annum on the cost of the flats to buyers who were delayed by two to four years. Gave after. Also Read – Flat buyer deserves compensation for delay in occupation and not getting facilities as promised: Supreme Court

The bench has also stated that this penalty will be different from the penalty of Rs five per square foot per month, on which the developer paid for the delay in delivery under the ABA (which is fixed at Rs 7,500 per month for a 1,500-square-foot flat). Had agreed to. Also Read – Petition seeking compensation policy for death from Corona dismissed, Supreme Court said – separate policy for this

The bench said, both developers will pay an amount calculated at a simple interest rate of six per cent per annum to each appellant (flat buyers) as compensation. The above amount will be in addition to those amounts, which the developer has to pay at the rate of five rupees per square foot under ABA, if the flat is delayed by the developer. The bench said that when developers sell a dream to home buyers, they should be held accountable for realizing that dream.

The 339 homebuyers, led by wing commanders Arifur Rahman Khan and Aleya Sultana, argued their case before the Supreme Court through lawyers Prashant Bhushan, Colonel R. Balasubramanian and Biswajit Bhattacharya, and explained how unilateral apartment buyers’ agreements would be passed on to builders. Let’s helpless.

Justice Chandrachud, while giving his verdict on the matter, said, flat buyers have to bear the brunt due to the developer’s defaults. After purchasing their house, flat buyers decide about their future. A

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