The National Consumer Disputes Redressal Commission has directed a Bengaluru-based real estate company to refund its entire deposits along with interest to its customers. In this case, the developer was alleged that the villas he had given possession of to the customers were not completed and were not livable. The commission has ordered the developer to return the entire deposit amount to the complainant along with nine percent interest and also pay damages of Rs one lakh.
In this case, the complainants demanded a refund of Rs 3,53,68,359 from the real estate company as the original deposit, 18 percent interest from the date of each deposit, compensation amount of Rs 10 lakh, and Rs 1 lakh as litigation fee. The developer's argument was that the customers have booked the villas not for their own stay, but for investment and profit purposes. The complainants had booked 3,900 sq ft villas in Chennai from the developer in 2013.
