Provident Housing Ltd — Compensation & Interest Required on Amount Used by Builder due to Delay in Possession

Address:	130/1,Ulsoor Road, Bangalore 560042
Website:	www.providenthousing.com

I had booked a 2BHK at Provident Skyworth Project at Mangalore in Sept 2013. The total purchase amount of Rs 50 lacs was to be paid Slab wise to the Builder. Provident Skyworth is a Project in Mangalore of Provident Housing Ltd, a subsidiary of Puravankara developers, a Listed company on BSE & NSE.

As per the stamped & signed agreement, the possession of the apartment was to be done by Dec 2015. By the year 2018, the possession was not given and the building was 92% completed and Rs 43.11 lacs was paid to the Builder Slab wise by way of self funding and ICICI Bank Loan.

In May 2018, there was a email from provident Housing stating that the Project Phase II has been registered under Karnataka RERA and the revised project completion date is Sept 2022.

Since, the project timeline was revised and I was following up for handing over and completion date, they just reverted that they would be willing to Refund the entire amount without any deduction . They sent two cheques in Oct 2018 for Rs 43.11 Lacs by courier without any covering letter.

I had clearly mentioned that I would not accept any refund of the amount paid without any interest & compensation towards loss of rental income, capital appreciation and loss of tax benefit . I had even sent a total refund calculation of Rs 69.90 Lacs which was replied as no amounts beyond the amount paid of Rs 43.11 lacs would be paid by the Builder.

I deposited the two cheques of Rs 43.11 lacs (refund of principal amount) and after that I am following up for a simple interest @ 18% pa on the amount utilised for the period Sept 2013 to Oct 2018 totalling to Rs 42 Lacs till Nov 2021.

But, the builder has once again replied that no amounts beyond the principal amount will be paid .

I seek interest of Rs 42 lacs till Nov 2021 on the amounts utilised for commercial purpose by the builder and compensation of Rs 5 lacs for mental agony and harrassment from the builder Provident Housing ltd.

I can produce all the relevant documents in this regard to substantiate my claim.