NCDRC _benefit of escalation of the price Rate of interest on refund of amount

 They are asking for return of the amount. The rates of the flats have already been increased by leaps and bounds. See the law laid down in K.A. Nagamani Vs. Karnataka Housing Board, Civil Appeal Nos.6730-6731 of 2012, dated 19.09.2012 arising out of SLP (C ) No. 35226-35227 of 2011, the Hon'ble Supreme Court was pleased to hold :-

                       9. .. But in cases where monies are being simply returned then, the party is suffering a                                            loss inasmuch as he had deposited the money in the hope of getting a flat/plot. He is being                               deprived of that flat/plot. He has been deprived of the benefit of escalation of the price of that                             flat/plot. Therefore, the compensation in such cases would necessarily have to be higher ...

It was further held that :-

                   26. For the reasons aforesaid, we allow the appeals and pass the following order:-

                         i) The respondent is directed to pay the appellant complainant, interest at the rate of 18% per                               annum on Rs.2,67,750/- from the date of its respective deposit till the date of realization with                         further direction to refund the amount of Rs.3,937/-, to her, as directed by the Consumer Forum.

                        ii) The respondent is directed to pay the appellant complainant further sum of Rs.50,000/- as                                compensation for deficiency in service on their part.

                     iii) The respondent is also directed to pay the appellant complainant, a sum of Rs.20,000/-                                   towards cost of the litigation incurred by her.