Wave group to Refund buyer’s money with 12% interest

          Wave group to refund buyer’s money with 12% interest

Status as on 24/09/2019


A Nagpur situated married couple Ramkrishna Sharad Parsodkar, and his wife Smita had booked a flat in Sector 25A and 32, Noida, with Wave Group in 2012, November with the hope of getting home in a time-bound manner. That the hope of Ramkrishna Shard Parsodkar and his wife was shattered into pieces when the builder failed to give possession after years of booking. That after being tormented at the hands of the builder, the couple was forced to approach the highest Consumer court of the county i.e. NCDRC seeking their right to get the possession of the property.

The buyer while pressing for his right for possession went on tell the NCDRC that building is in such a condition that it shall take another 4 years to get the so-called “flat” ready for possession.


The NCDRC dismissed the argument of the builder that the buyer could not be considered as a consumer and that the contract said any disagreement between the parties should be resolved under the provision of the Arbitration and Conciliation Act. The NCDRC also dismissed the constructor’s claims that the purchaser only gets pay of Rs 7.5 per square feet every month and named the agreement condition as “unfair trade practice“.

The builder argued the development got postponed due to an NGT order that ceased all builders in Noida and Greater Noida from obtaining groundwater for construction, which squeezed work for seven months in 2013 and another argument was that due to farmer’s protest three months were wasted. The NCDRC bench of its president Justice RK Agrawal and member M Shreesha ordered: “This complaint is allowed in part directing the developer to refund the principal amount with interest at 12% pa from the respective date of deposit till the date of realization together with the cost of Rs 25,000”.

The commission also stated that the complainants can’t be made to stand up for a long wait as the development is yet to be finished even after very nearly seven years from the date of booking. Therefore, in this way, the complainants are entitled to refund of the chief sum with interest.


That the naïve homebuyers have been tormented at the hands of the builders for years now and such rock-solid stand of the NCDRC will help to restore the trust of homebuyers in the judicial system of this Country. That the legislature also implemented the RERA Act in the year 2016 along with Insolvency and Bankruptcy Code which gives many comprehensive rights to the aggrieved buyers. Now, only time will tell to what extent these laws will safeguard the rights of the buyers.

Disclaimer –The above article is based on the personal interpretation of related laws which may differ from person to person. The readers are expected to take expert opinion before relying on it. The author can be reached at support@centrik.in



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