I had bought a flat under CLP plan and paid till now 8L by me and 43,3L through bank loan still had to pay 9,5 L more (including GST cost so total being 60.5L) .It was to be given possession in September,2020. but as per them they will be giving possession letter in a month or two. As the loan was taken by two us in family to cover the limit of sanctioned approx. 48.3L , and it is under moratorium period till march,21 (of 18 months). Due to salary irregularity ( not being paid in last one year)I couldnt pay for last twice asked 3L( x2 ) demand by them and my salary may be irregular in future can be there so i had written to them regarding consideration during corona time , and also had been asking if could sell it back or anyone. Actually now interest also accumulated to 4L and by march 21 will be 5L .making it costing 65 L. Actually I believed the marketing person who was showing very different picture and many things didnt actually were not same as told by him. Now marketing people keep changing organisation so difficult to hold them responsible for what the were saying. There office had been sending letters of asking 24 interest on delayed payment. Whereas marketing person was suggesting to not pay anything to them as the project is getting delayed for 9-12 months . I had asked office for the rate etc and possibility of selling ,where he says it will be on loss because 300 per sq ft extra cost will be taken by builder on selling for which I have to find a buyer, So what I understand is that 4.5 L will have to pay extra to builder and 4-5 L interest from bank I have to pay .therefore actually since there is not much rise in price I will have to bear loss of 8L. What should I do, although I am not satisfied the way whole process went by builder and marketing side, should I continue some how because its going to add loss now as interest will be added with time and the price will not rise that much.
Another commercial property where I gave IL to marketing person through cheque in name of commercial building. I had given 50k cash too .Now I haven't receive any agreement till now, as per marketing person half of the cost was to be be by some other party such that profit also to be divided. Initially he said that he will be able to sell it within few months with profit. Now he says it will give profit next year after 18 ,months. I dont want to continue in it so how to get refund or my money back .As per him if I cancelled I will get only 85%.I havent received any agreement or any thing about it till now .What can I do?
As the builder hasn't confirmed the date of handing over the property there is no surety that you will get possession. Moreover no builder has ever delivered a property on time. He is pressurising you to pay the amount but he hasn't yet revealed whether how much is still pending.
Therefore don't tel them your real situation. Wait for them to complete.
Arrange for funds. In case of delay he will have to pay for the delay.
If you would like to avoid the loss and also other expenses, you may better think of continuing the project.
You cannot afford to such a heavy loss at this stage which will almost bankrupt you and you may have to bear the additional expenses of repaying the loan besides managing this loss as well.
You may discuss at length with your own family members who are prudent enough to understand the current crisis and be able to advise you properly in the given situation.
The marketing persons are not the owners and they may exit the organization putting you under total loss.
They are not the authorities to explain you the rules nor they can be depended upon for the oral rules they say.
You demand the booking amount in full by cancelling the booking, if he refuses to repay then issue a legal notice followed by a recovery suit to recover the entire amount with interest.
1) is there clause in your agreement for payment of interest at 24 per cent for delayed payment.?
2) further builder cannot charge you Rs 300 per square feet in case you sell the flat
3) if you sell after obtaining possession and formation of society maximum transfer charges are Rs 25000
4) better option is to some how pay instalments and take possession of flat
Cancel your booking and seek refund of money paid by you
You can approach consumer court against the said builder.
