DR.INDER JIT SINGH, MEMBER

1. The present Consumer Complaint (CC) has been filed by the Complainant against Opposite Party (OP) as detailed above, inter alia praying for directions to the OP to:-

1. pay / refund the amount of Rs.1,83,12,874/- which includes interest upto 30-09-16 & on time payment award received by the complainant along with pendentilite and future interest till its realization;

2.  pay punitive damages / compensations to the complainant for a sum of Rs. 10,00,000/- for the harassment, mental agony, loss of several business opportunities etc. caused to the complainant by OP;

3. pay a further sum of Rs.55,000/- towards the legal cost and expenses;

4. pay a sum of Rs.52,50,000/- towards loss due to escalation of real estate prices in the area.

2. Notice was issued to the OP.  Parties filed Written Statement/Reply, Rejoinder, Evidence by way of an Affidavit and Written Arguments/Synopsis etc. as per details given in the Table at Annexure-A.  The details of the flats allotted to the Complainant (s)/other relevant details, based on pleadings of the parties and other records of the case are also given in the Table- A.

3. Brief facts of the case, as emerged from the pleadings of the parties and other case records are that: -

The complainant had booked a residential plot no.9 in AUGUSTA GREENS, Sec. 109, Mohali, Punjab, area about 400 sq. yards for a consideration of Rs.59,75,472/- including PLC and paid Rs. 13,80,000/- as booking amount on 30-09-06. A Buyers Agreement was executed between the complainant and OP, on 30.06.2007. As per Buyers agreement the OP was to handover the possession of the plot in question to the complainant latest by 2010.The possession of plot was delayed. The complainant sought refund.

4. The OP in their written statement/reply stated that in order to amicably settle the matter, the Opposite Party offered to the Complainant other relocation options, which were not accepted by the Complainant. The Opposite Party in order to amicable settle the matter informed the Complainant that the Opposite Party had agreed to refund the principal amount with interest @12% per annum totalling a sum of Rs.1,18,27,439/- and accordingly, made forwarded certain cheques, which were not encashed by the Complainant.

5. Heard counsels of both sides. 

6. The complainant in his written arguments dated 30.11.2021 has stated that after filing of the present complaint by the complainant, the OP refunded the principal amount only which was paid by the complainant as per schedule, along with nominal interest @ 12% only and same was received by the complainant under protest as well as without prejudice to the other relief as prayed in the complaint. The interest on the principal amount to be refunded should be calculated till the period the amount is credited in the complainant’s Bank account as they issued PDC's (without further interest till its realization) over one year period for Rs.1,18,27,439/- & last EMI/Pay on reward). The complainant deserves to be compensated on actual loss suffered to him and the OP should refund the actual amount i.e. Rs.1,83,12,874/- (i.e. amount deposited + interest to be calculated @24% p.a. on which the respondent was charging from the defaulting customers + 5% on time Reward), but the complainant has received only Rs.1,18,27,439/- (i.e. principal and interest @12% p.a. and without pay on time Reward and this amount was also paid in 10 EMI without further interest).

7.  From the above, it is clear that complainant has already received the principal amount deposited by him with OP with interest @12% upto a particular time.  Normally the Commission allows refund of principal in cases of non-delivery of possession within contractually agreed period till the date of refund but at  the interest rate lower than 12% p.a. In this case, as admitted by the complainant, the OP has paid interest till the date of PDCs, but at a rate higher than the Commission generally grants in such cases of refund.  Hence, the complainant is not entitled to any further relief.

8. Accordingly, this complaint is dismissed.  Parties to bear their respective costs. The pending IAs, in the Consumer Complaint, if any, also stand disposed off.