In Brief
Fortune Infrastructure (renamed Hicon Infrastructure) launched a residential housing project called 'Hicons Onyx' / 'Fortune Residency', a redevelopment project. The respondents booked a flat and paid Rs. 1.87 crore but the developers transferred the project to another company and refused delivery. The National Consumer Disputes Redressal Commission found deficiency of service and awarded Rs. 3.65+ crore compensation, which the Supreme Court found excessive. The Court held there was deficiency of service, upheld the refund obligation, but reduced compensation from Rs. 5.38 crore to Rs. 2.47 crore (Rs. 2.27 crore for the flat, Rs. 20 lakh for parking) based on reasonable market value of Rs. 50,000 per sq ft, as the NCDRC's valuation was unreasonably high and gain-based rather than compensatory.</summary_100> </invoke>
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