IMPORTANT POINT
Delayed compensation - As the builder was paying EMI, the complainants cannot claim interest on this amount, as delayed compensation.

ORDER

Heard Mr. Sanjeev Kr. Sharma, Advocate, for the complainants and Mr. Prabhakar Tiwari, Advocate, for the opposite party.

2. Above complaint has been filed, for directing the opposite party to (i) handover possession of Flat No.B-5-1002 and two car parking space, in the building “Parsvnath Exotica”, complete in all respect as per specifications, forthwith, (ii) pay Rs.3855985/- towards reimbursement of overdue of 2/3rd EMI, since October, 2013 till August, 2016 and pay EMI continuously till payment of 2/3rd EMI, (iii) pay Rs.2169600/- as delayed compensation from May, 2011 till August, 2016 and go on paying till delivery of possession, (iv) refund Rs.4/- lacs, charged for two car parking spaces, (v) pay Rs. 50036/- per month, due to increase in interest of EMI from June, 2008 to December, 2008 and further to pay increase interest as and when it is increased on the loan amount till payment of 2/3rd EMI, (vi) pay interest @24% per annum on the deposit of the complainants; or in alternative to pay Rs.63692253/-, with interest @24% per annum from the date of filing the complaint till the date of realization, (vii) pay Rs.25/- lacs, as compensation for mental agony and harassment, (viii) pay the costs of litigation; and (ix) any other relief which is deemed fit in the facts and circumstances of the case.

3. The complainants stated that M/s. Parsvnath Developers Limited (the opposite party) was a company, registered under the Companies Act, 1956 and engaged in the business of development and construction of group housing projects. The opposite party launched a group housing project in the name of “Parsvnath Exotica”, at village Wazirabad, Sector-53, Gurgaon, in the year 2006 and made wide publicity. Ram Shanker Mahalaha and his wife Mrs. Shiw Kanti Mahalaha booked a 4BR flat on 16.10.2007 and deposited Rs.3165513/-. The opposite party allotted Flat No.B-5-1002 and executed Flat Buyer Agreement dated 15.11.2007 in favour of Ram Shanker Mahalaha and Mrs. Shiw Kanti Mahalaha of Flat No.B-5-1002, admeasuring 3390 sq.ft. at the rate of Rs.6207.5/- per sq.ft., basic price of Rs.21043425/-+ Rs.400000/- for two covered Car Parking spaces, in “Parsvnath Exotica”. The complainant opted for “Down Payment Plan”, under which 15% of sale price was payable at the time of booking, 80% of sale price + PLC + Car Parking Charges were payable within 60 days and remaining 5% of sale price was payable at the time of possession as the opposite party offered to 2/3rd EMI in case payment was made in “Down Payment Plan”. An agreement was executed between the parties on 16.11.2007 in this respect. The complainants applied for loan to ICICI Bank, which was sanctioned and an amount of Rs.16834739/- + Rs.400000/- was directly disbursed to the opposite party on 18.11.2007. The complainants deposited Rs.20391252/- till 18.11.2007. Mrs. Shiw Kanti Mahalaha died on 26.10.2012. In her place, name of Anil Mahalaya was endorsed by the opposite party on 07.12.2013, under her will. As per clause-10(a) of the agreement, the construction of the flat had to be completed within 36 months from the date of agreement with grace period of six months. The period of 42 months expired in May, 2011. But the possession was unreasonably delayed. The opposite party paid EMI till June, 2008 and thereafter stopped payment of EMI. With effect from 01.08.2008, interest on the home loan of the complainants was enhanced from 11% to 11.75% by the ICICI Bank. The complainants gave a notice dated 08.12.2008 to the opposite party to pay EMI, overdue from 01.07.2008 but the opposite party did not respond for payment of EMI. The complainants visited the site on 31.03.2009 but no sign of the construction was found on the spot. The complainants met the representatives of the opposite party but they could not give any satisfactory reply. The opposite party issued a letter dated 29.04.2009, assuring the home buyers that possession would be delivered in phase-wise from October, 2009. The complaina