https://www.taxtmi.com/caselaws?id=772972 SC held that allottees are entitled to refund of amounts paid to development authority (GMADA) with 8% compounded interest as per contract terms for delayed possession of flats. Court applied Bangalore Development Authority v. Syndicate Bank principles, ruling that where full price is received but possession not delivered within stipulated time, refund with reasonable interest is mandatory. However, SC rejected claim for additional compensation covering loan interest taken by buyers, stating developer need not consider buyers' financing methods. The 8% contractual interest adequately compensates for investment deprivation, with no further liability on authority. Appeal allowed. en-us Wed, 04 Jun 2025 00:00:00 +0530 Tue, 17 Jun 2025 07:57:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772972 SC held that allottees are entitled to refund of amounts paid to development authority (GMADA) with 8% compounded interest as per contract terms for delayed possession of flats. Court applied Bangalore Development Authority v. Syndicate Bank principles, ruling that where full price is received but possession not delivered within stipulated time, refund with reasonable interest is mandatory. However, SC rejected claim for additional compensation covering loan interest taken by buyers, stating developer need not consider buyers' financing methods. The 8% contractual interest adequately compensates for investment deprivation, with no further liability on authority. Appeal allowed. Case-Laws Indian Laws Wed, 04 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772972