In Brief
The Supreme Court dismissed IREO Grace Realtech's appeals against the National Consumer Disputes Redressal Commission's orders directing refund of apartment booking amounts. The Court held that the Developer's agreement clauses were wholly one-sided and unfair, constituting unfair trade practices. Calculating the 42-month delivery timeline from November 2014 (Fire NOC date) rather than 2013 (building plan approval), the Court found inordinate delay. Apartment buyers in Phase 2 (no occupation certificates) were ordered refunds with 9% interest from November 2014. The Court rejected the Developer's deductions under the agreement's termination clause and rejected arguments that RERA Act primacy bars Consumer Protection Act remedies. Refunds were mandated within 3-4 weeks with 12% default interest for non-compliance.
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