The National Consumer Disputes Redressal Commission (NCDRC) has asked the Jaypee Group to hand over possession of flats in its much-delayed Kalypso Court Project by July 21 this year, or else compensate home buyers for the delay.

The apex consumer court told the real estate developer that if the flats were not handed over by the stipulated date, they were liable to pay the prospective owners a sum of Rs. 5000 per day till completion.

The Group has also been asked to provide parking space and refund the extra money collected under this head, with 12% interest.

A recent study shows that over half the current real estate projects in India are running behind by over a year, and of these, a quarter are behind schedule by as much as three years.

Source: http://www.businesstoday.in


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