The Bombay High Court raised alarm over 2,100 illegal constructions in Navi Mumbai, calling it a “systemic failure” caused by officials–developer nexus. The Court said the Maharashtra government cannot remain a “passive spectator” while home buyers suffer.
Today, On 29th July, The Supreme Court upheld the NCDRC’s decision, ordering a builder to refund home buyers for delayed possession of flats. The court increased the interest rate to 12 percent, emphasizing the buyer’s prolonged suffering. The ruling requires the developer to refund the entire amount with 12 percent interest and compensate the buyers within three months.
The Supreme Court ruling ensures no coercive action by banks or builders against NCR home buyers for EMI payments. Home buyers, affected by illegal loan disbursements, sought relief after the Delhi High Court dismissed their petitions. The decision is expected to impact the NCR’s real estate landscape and reflects the judiciary’s concern for home buyers.