National Consumer Disputes Redressal Commission directs Greater Noida builder to give refunds to buyers

NCDRC has asked the real estate company from Greater Noida to issue refunds to the buyers on failure to construct the homes at its site since launch. 
 
In 2014, the real estate company - Shubhkamna Buildwell & Estates Pvt. Ltd had launched a housing project for the retired and working government employees. The builder had assured to deliver more than 820 flats within a span of three years. Subsequently, the company had signed a Memorandum of Understanding (MoU) with the Government and Public Sector Employees Welfare Housing Organisation for construction of residential flats in different sizes in a housing complex in Sector-12, Greater Noida West.
 
The project launched in 2014 saw many buyers booking the flats and signing the agreement with the company. The agreement promised the possession within three years. A grace period of six months was also available to the builder for the completion of construction. 
 
On failure of the company to undertake any construction in the previous four years, the buyers sought aid of NCDRC to get refund of their investment, stating no progress in the project. The company’s lawyer made an appearance before the court for proceedings. But no one appeared later despite issuing a public notice.
 
As a result, the Commission has directed the builder to give refunds to the home buyers along with the compensation in the form of simple interest at 12% per annum from the date of each payment till date of refund.
 

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Changes in Our Business Model
 
 
25th Sept 2020
 
Greetings from Moneylife Advisory Services
 
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
 
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