Builder to pay Rs 20.69 lakh to flat buyer

MUMBAI: The Mumbai Suburban District Consumer Forum recently ordered a builder to pay Rs 20.69 lakh to flat buyer who booked a flat in 2002 but never received possession.
Kandivli (East) resident Arun Kadam booked a 565-square-foot flat in a housing society by Truly Creative Developers.
The developers have now been directed to refund the booking amount with interest at the rate of 18% per annum from April 2005.He will also get an Rs five lakh for mental agony caused. In June 2002, Kadam had paid Rs 6.94 lakh and an agreement was signed between him and the developer.
However the union of housing societies terminated the development agreement executed with Truly Creative Developers due to a legal dispute. The developers were then replaced by another one known as SD Corporation.
The forum however did not grant Kadam's prayer for possession of the flat. The forum took into consideration the fact that the matter was pending before the Bombay high court. While granting the compensation the forum observed that realty rates have multiplied manifold over the years.