The Supreme Court on Monday said that builders would have to pay buyers a six percent annual interest on the price of the flat for the period of delay in its delivery, in addition to the monthly per square foot penalty mentioned in the Apartment Buyers Agreement (ABA).

A bench of Justices DY Chandrachud and KM Joseph awarded DLF Southern Homes Pvt Ltd (now known as Begur OMR Homes Pvt Ltd) and Annabel Builders & Developers Pvt Ltd at the cost of flats to those buyers at six percent per year. Who was given possession after a delay of two to four years?

The bench said that this penalty would be different from the penalty of Rs five per square foot, which the developer agreed to pay for the delay in delivery (which is fixed at Rs 7,500 per month for 1,500 square feet flat) under the ABA. Was expressed.

The bench said, both the developers would pay an amount calculated at a simple interest rate of six percent per annum to each appellant (flat buyers) as compensation. The above amount will be in addition to the amount that the developer has to pay at the rate of five rupees per square foot under the ABA if the flat is delayed by the developer. The bench said that when developers sell a dream to home buyers, they should be held accountable for realizing that dream.

The 339 home buyers, led by Wing Commander Arifur Rahman Khan and Aleya Sultana, argued their case before the Supreme Court through lawyers Prashant Bhushan, Colonel R. Balasubramanian, and Biswajit Bhattacharya, and explained how unilateral apartment buyers' agreements would be passed on to builders. Let's helpless.

Justice Chandrachud, while giving the verdict, said flat buyers have to suffer and suffer as a result of the developer's omission. Flat buyers take their future decisions on a flat basis. He has to decide whether he wants to stay in it or start a business through it.