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Puneet Malhotra vs Parsvnath Developers Ltd., on 29 January, 2015

6.      In our view, the interest claimed by the flat buyers in such a case does not represent only the interest on the capital borrowed or contributed by them but also includes compensation on account of appreciation in the land value and increase in the cost of construction in the meanwhile. As noted by us in CC No.232 of 2014, Puneet Malhotra Vs. Parsvnath Developers Ltd. decided on 29-01-2015, there has been steep appreciation in the market value of the land and cost of construction of the residential flats in Greater Noida in last about 7-10 years and consequently the complainants cannot hope to get a comparable flat at the same price which the opposite party had agreed to charge from them. In fact it would be difficult to get a similar accommodation, even at the agreed price plus simple interest thereon at the rate of 18% per annum. Therefore, the payment of interest to the flat buyers in such a case is not only on account of loss of income by way of interest but also on account of loss of the opportunity which the complainants had to acquire a residential flat at a particular price.
National Consumer Disputes Redressal Cites 5 - Cited by 98 - Full Document

Ghaziabad Development Authority vs Balbir Singh on 17 March, 2004

However, in the present case, considering the provisions contained in section 21 of the Consumer Protection Act when read with in the light of the decision of the Hon'ble Supreme Court in Ghaziabad Development Authority (supra), it cannot be said that the claim for payment of more than Rs.1 crore is deliberately exaggerated or inflated in order to bring the matter for pecuniary jurisdiction of this Commission and, therefore, amounts to abuse of the process of law. Therefore, the aforesaid decision does not help the opposite party.
Supreme Court of India Cites 22 - Cited by 1208 - Full Document
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