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        Indian Laws

        The SC set aside the High Court's order awarding 15% interest on...

        Supreme Court Reduces Interest Rate from 15% to 9% for Home Buyer's Refund in Construction Delay Case

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                The SC set aside the High Court's order awarding 15% interest on refund amount to a home buyer and restored NCDRC's order granting 9% interest. The Court found that while the buyer was entitled to refund due to significant construction delays, the 15% interest rate was excessive. Applying precedent from Bangalore Development Authority v. Syndicate Bank, the Court determined that purchasers deserve reasonable interest when possession is delayed, but distinguished this case from Rohit Chaudhary v. Vipul Ltd., noting different circumstances. The compensation was reduced from 10,00,000 to 7,50,000, balancing justice considerations and the appellant's status as a state instrumentality. The appeal was partly allowed.
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