Subodh Pawar vs M/S. Ireo Grace Realtech Pvt. Ltd. & 4 ... on 24 September, 2018
has not been granted so far.Therefore, the Complainants are entitled to refund of the deposited amount alongwith interest @9% p.a.
Respectfully following the ratio of the Judgment of the Hon'ble Supreme Court in the case of "IREO Grace Realtech Pvt. Ltd. (supra)", the Opposite Party Developer is directed to refund ₹1,08,13,077/- (Rupees One Crore Eight Lacs Thirteen Thousand Seventy Seven only), alongwith interest @9% S.I. p.a. within 3 months from the date of this Order failing which the Developer shall be liable for payment of default interest @12% S.I. p.a. till the payment is made. The Opposite Party Developer shall not deduct the Earnest Money of 20% from the principal amount, or any other amount as mentioned in Clause 21.3 of the Agreement, on account of the various defaults committed by the Developer, including the delay of over 7 months in obtaining the Fire NOC.