ORDER

R.K. Agrawal, President.—The present Consumer Complaint has been filed under Section 21 of the Consumer Protection Act, 1986 (for short “the Act”) by Raghbir Singh (hereinafter referred to as the Complainant) against Opposite Party, M/s. BPTP Ltd. (hereinafter referred to as the “BPTP”), seeking refund of the amount deposited by him as the BPTP has failed to hand-over the possession of the residential floor booked by him in terms of the Flat Buyer Agreement.

2. It has been averred in the Complaint that the BPTP has launched a Residential Group Housing Project in the name and style of “Amstoria” located at Sector 102, Gurgaon, Haryana. On 31.08.2011, the Complainant booked a Residential Floor in the said Project. Unit No. A-134-FF on First Floor admeasuring build up area of 1999 sq. ft. was allotted to the Complainant. The Floor Buyers Agreement (hereinafter referred to as the Agreement) was executed between the Parties on 14.03.2012. The total Sales Consideration of the Floor was Rs.85,31,992/-. The Complainant had opted for Construction Linked Payment Plan and had deposited Rs.78,64,819/- on different dates as per demand of the BPTP.

3. As per Clause 5.1 of the Agreement, the possession of the Floor was to be delivered within a period of 24 months from the date of sanctioning of Building Plan or execution of the Agreement with a grace period of 180 days. In the instant case, the Agreement was executed on 14.03.2012 and allowing the grace period of 180 days, the BPTP was under an obligation to hand over the possession of the Floor latest by 13.09.2014.However, despite having received about 92% of the total Sale Consideration, the BPTP miserably failed to deliver the possession of the Floor within stipulated period. It is alleged by the Complainant that the BPTP had utilized his amount in other Projects; most of the clauses in the Agreement were one sided; Complainant was compelled to sign the Agreement which was totally in favour of the BPTP. Whenever the Complainant raised queries with the BPTP regarding the completion of the Project and exact date of handing over the possession, they neither provided any specific date for the delivery of the possession nor refunded the amount deposited by the Complainant. Consequently, the Complainant served a legal notice on BPTP on 29.07.2020 calling upon them to refund along with interest @ 18% and compensation and Costs of proceedings. However, the said notice was not responded to by the BPTP. Alleging deficiency in service and Unfair Trade Practice on the part of the BPTP, the Complainant has filed the present Consumer Complaint seeking a direction to the BPTP to refund the deposited amount with interest @ 18% p.a. and costs of complaint.

4. The BPTP filed its Written Version admitting to the booking, Allotment, Receipt of amount of Rs.78,64,819/- execution of the Agreement dated 14.03.2012 and to Clause 5.1 of the Agreement, wherein they has agreed to deliver the possession of the allotted Apartment within 24 months from the date of execution of the Agreement with six months grace period and this Clause was subject to force majeure conditions.

5. The BPTP has raised the preliminary objections that the Complainant is not a “Consumer” as defined under Section 2 (1) (d) of the Act and is speculative investors as he has invested in the present Project only to gain profits by resale of the Apartment booked by him. It is further stated that the Agreement contains Arbitration Clause and especially after the amendment in Section 8 of the Arbitration and Conciliation Act, 1996, the matter has to be referred to the Arbitrator.

6. On merits, it is also contended that at the time of signing of the Agreement, the Complainant was well aware of the terms and conditions thereof and he has duly agreed to them. The Complainant is not entitled to a reciprocal compensation for the delay in handing over the possession as alleged. In terms of Clause 6 of the Agreement, the Complainant is only entitled