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SUSHIL DAVID (SR. ADMIN MANAGER)     14 April 2011

rate of interest

Facts:

  • An agreement was singed in 2006 for sale of 8 acres at Shrikakulam Distt Andhra Pradesh
  • Rs. 250,000.00 received as advance
  • The registration was not done till 2010 due to certain  issues.
  • The agreement was cancelled as per  a clause , wherein it was stated that if the registration of said plot not done  with in 12 months after the execution of agreement the seller can revoke the agreement.
  • Rs. 250,000.00 refunded to  buyer Oct 2010
  • buyer has filed a case for recovery of interest ,

Request:

 

  • kindly let me know the rate of interest payable to buyer as decided by High /supreme court
  • Is it as per  RBI  guideline 
  • the buyer is asking 30% CI


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