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Developer directed to refund apartment booking amount exceeding 10% of Basic Sale Price (BSP) without interest to purchaser following cancellation. SC upheld NCDRC's determination that 10% BSP constitutes reasonable earnest money forfeiture, finding original agreement terms unconscionable and one-sided. Court applied precedent requiring clear, explicit contract terms to justify earnest money forfeiture, distinguishing between earnest money deposits and consideration payments. Ruling emphasized that unfair contract terms between parties with unequal bargaining power are unenforceable under Article 14. While forfeiture of reasonable earnest money falls outside Section 74 of Contract Act, penalty-nature forfeitures remain subject to statutory limitations. Appeal partially allowed, modifying interest component while maintaining principal forfeiture limit.
Developer directed to refund apartment booking amount exceeding 10% of Basic Sale Price (BSP) without interest to purchaser following cancellation. SC upheld NCDRC's determination that 10% BSP constitutes reasonable earnest money forfeiture, finding original agreement terms unconscionable and one-sided. Court applied precedent requiring clear, explicit contract terms to justify earnest money forfeiture, distinguishing between earnest money deposits and consideration payments. Ruling emphasized that unfair contract terms between parties with unequal bargaining power are unenforceable under Article 14. While forfeiture of reasonable earnest money falls outside Section 74 of Contract Act, penalty-nature forfeitures remain subject to statutory limitations. Appeal partially allowed, modifying interest component while maintaining principal forfeiture limit.
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