NCDRC: Jaypee To Pay 12% Annual Penalty In A Noida Project

By: Natasha Mahesh, 2016-05-10 08:30:00.0Category:  Awareness
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Jaypee Kalypso Court project, which was launched in 2007, was to have 16 towers. The housing project was to be completed by 2011 but work is still pending in most towers, with the builders starting to give possession to buyers in only five towers. According to Economic Times, The National Consumer Disputes Redressal Commission (NCDRC) has imposed a penalty of 12% per annum on Jaypee Group for delaying the possession of homes to buyers in Kalypso Court project on the Noida-Greater Noida expressway. NCDRC has also directed the Noida-based builder to hand over the possession of apartments to buyers by July 21 failing which it will have to pay a penalty of Rs 5,000 per flat per day till the project is completed.

The developer has also been told to provide adequate parking space in the project and refund the excess amount, if any, that has been collected from customers for parking slots, with 12% interest per annum from the date of the charge. The commission held that builders cannot charge buyers on increase in super area of an apartment after construction unless they have prior consent of the buyer.

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