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Consumer Protection Act, 1986; Buyer’s Agreement dated 16.04.2010 was executed between them ------ The Builder was required to deliver possession of the flat to the Complainants within 36 months from the date of the Buyer’s Agreement ----- The grievance of the Complainants was that the Builder had failed to offer possession to them within the time period stipulated in the Buyer’s Agreement ------ Commission found that none of the reasons given by the Builder for the delay, such as non-availability of construction material or labour, were tenable ----- The Commission also rejected the argument of the Builder regarding government regulations and economic recession being a justification of the delay ----- The Buyer’s Agreement was entered into by Complainants with almost no bargaining power and under the threat of losing the earnest money ------ Further, under the Buyer’s Agreement, in case of delay in payment by the Complainant, an interest at a rate ranging from 18% to 24% per annum compounded annually was charged.
