NCDRC orders Wave Group to refund buyer's money with interest
Observing that a buyer cannot be made to wait indefinitely for a flat, the NCDRC has ordered Wave Group to refund Rs 64.2 lakh with 12% annual interest to a customer for the delayed period. Nagpur-based Ramkrishna Sharad Parsodkar and his wife Smita had booked a flat in 'Serviced Residences' project in Wave City Centre in Sector 25A and 32, Noida, in November 2012. The builder had promised to hand over the flat within 48 months and there was another six months grace period, which ended in June 2016. The Parsodkars told the commission that construction was nowhere near completion even after the deadline. The NCDRC turned down the builder's argument that the buyer could not be treated as a consumer and that the contract said any dispute between the parties shall be adjudicated under the provision of the Arbitration and Conciliation Act. It also rejected the builder's claim that the buyer was entitled to get only compensation of Rs 7.5 per square feet per month and termed the contract condition as "unfair trade practice".
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