The Supreme Court on Wednesday expressed anguish over the “tears” of homebuyers saying they cannot be “taken for a ride” by the builders, as it directed the Jaypee group to give Rs 50 lakh as interim compensation to its customers for delaying giving them possession.
It also said the homebuyers cannot be treated as normal investors as they spend hard-earned money on their homes.
The apex court had earlier directed Jaiprakash Associates ltd to deposit Rs 4 crore with the bank to be kept as short-term fixed deposit and give possession of flats to the homebuyers in its Kalypso Court project on the Noida-Greater Noida Expressway.
The real estate firm has challenged the order of May 2, 2016, National Consumer Disputes Redressal Commission (NCDRC) imposing a penalty of 12 per cent per annum for the delay in giving possession of homes to buyers.