LawforAll

whether theflatowners are entitled for interet on the refunded amount ? - No. - The flat-owners have purchased their apartments by paying instalments somewhere between 2007 to 2013 depending on the construction of the particular building complex. Possession of the flats was handed over to the flat-owners between 2009-2013 and admittedly, the flatowners were in possession of the flats since 2009-2013 till 2019 when they were asked to vacate the flats for the demolition of the buildings. There is no dispute that the amount of Rs.25 lakhs has been paid as interim compensation by the State Government in 2019 itself. It is also admitted that except Holy Faith builder, the other builders have also paid the balance amount to which the flat-owners were entitled. It is no doubt true that the flat-owners were paid only the amount that was invested by them at the time of purchase of flats. However, it is relevant to take into account the fact that the flatowners had the benefit of staying in the flats for a period of 8-9 years on an average and also that the land belongs to the flat-owners as joint owners the market value of which has increased substantially. It is also to be noted that flats that were taken possession of in the years between 2009-2013 would have depreciated in value. Therefore, in view of the position as stated above, we are of the considered view that the flat-owners are not entitled for any interest on the amounts paid by them to the builders.

  Non-Reportable IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION MA No. 1808-1809 of 2019 In Civil Appeal Nos. 4784-85 of 2019 Ci...