Jaypee group fined with 12% annual penalty in Noida’s Kalypso Court project
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Off lately, there has been uproar in the
In one such case, the National Consumer Disputes Redressal Commission (
The order dated May 2 has also directed Jaypee Group to hand over the possession of apartments to buyers by July 21, and if it fails to do so, a further penalty of Rs 5,000 per flat per day will be imposed until the completion of the project.
Also read: Delayed deliveries from builders could cost you lakhs in tax losses
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As per property research firm Liases Foras, more than half of the real estate projects in India have been delayed by more than a year, and about 25% of them are delayed by over 36 months.
Talking of the project, it was launched in 2007 and was supposed to have 16 towers, with a deadline of the year 2011. However, even five years later, most of the towers have not been completed, and only five towers have been allotted to buyers.
Also read: These four cities offer the best luxury homes to home buyers
It was last year that another builder Unitech was asked to pay 12% penalty to homebuyers in the Unitech Vistas project located in Gurgaon, but the order got a stay by the Supreme Court later.
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