I had booked 2 BHK in 2015 in Phase IC and taken money 21 L in advance and signed MOU that if project is not start before 2020 they will refund the amount with 15%. When Phase IC not started and we opted for refund. Now every time they promised come after 6 month we would definitely return your money as per MOU but now after almost 6 years they denying the promised interest rate as per MOU. Now their lawyer saying we can only pay 7.5%.
This is really a cheating. If they are not allotted a plot nor they are paying our money back. It means they are keeping our money as deposit without fulfilling criteria of Public Deposit Rules as per The Companies Act, 2013.
I don’t know how can Private Limited Company can keep an advance from pubic from so long period without full filling criteria of Public Deposit Rules.