Adjudication Order: Refund With Interest Under Section 18

Where a promoter fails to hand over possession by the date stated in the agreement for sale, the allottee may withdraw from the project and claim a refund with interest under Section 18.

How interest was calculated

The adjudicating officer applied the State Bank of India highest marginal cost of lending rate plus two percent, computed from the date each payment was made until the date of refund.

The order is a useful reference for buyers weighing whether to continue waiting for possession or to exit and recover their money.