I purchased a flat in Hyderabad in 2012 and got it registered in 2012, I have the possession certificate as well. The society is a cooperative society (Power welfare society) and have floating scheme for the power grid employees. There were few flats open to non PWS members at fixed price and I bought the flat under fixed scheme. The society is unable to finish one of the towers and there is shortage of funds. The unfinished tower members moved to the court and the court appointed a mediator and an agreement was reached to pay 150 per sqft for the floating members and 22 per sqft for the fixed members in order to complete the work. Since I am with fixed scheme am I liable to pay as per law? Also I am not sure if this will be asked again in future? Please advise.
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it is necessary to peruse order passed by court to advise
2) if as per court orders you are required to pay 22 per square feet you have to comply with court orders and make payment for completion of tower
3)in future if any court orders are passed you would be bound to comply, with court orders
Since it appears that the payment is directed to be paid through a court order, it is very essential to read the judgment first before commenting on this issue.
However if the direction is made through an settlement reached between the aprties of which you were not part then you can challenge it in the high court.
So the copy of the agreement is also required to be seen to advise properly.
If the decree of the court was a consent decree passed on the basis of the agreement then the decree has to be obeyed. You have the option to assail the decree in a higher court if you are aggrieved by it. Without perusal of the decree/order it is not possible to give concrete opinion.
Hi
Since the proposal to pay an additional sum of Rs150 per square feet for floating members and Rs22 Per square feet for fixed members has been proposed by court appointed mediator will be construed as a compromise agreement between parties.
A compromise agreement is NOT legally binding (unless and until you are a signatory to the agreement)
You may choose to disagree with compromise agreement and appeal against the compromise order in the same court.
Since technically the property is registered in your name and also that you have a possession certificate, it appears that at Rs22 per square feet for fixed scheme members, it might be the cost effective option to get your building completed.
The builder(society) is NOT entitled to ask for additional sums in future and instead will be asked to contribute their own reserve funds on the grounds that a compromise agreement once implemented will not be entitled for Renegotiation or reopening .
Hope this information is useful
If the current decision requires to pay the amount applicable for the fixed category, you have no choice to oppose it.
The future issues may not develop in this regard until there is another big crisis like this.
