You have to sue the builder to honour his commitment of buy back of property
2) court would not grant stay of PEMI till case is disposed of
3) however ultimately builder would have to buy back flat from you
Stay on PEMI from court
I had bought a property on dwarka expressway in 2016 under subvention & buy back scheme where builder was to pay PEMI for 3 years & I could return the property after 3 years to the builder at a predetermined amount stipulated in the buy back contract After 3 years, the builder refused to honour the buy back contract & stopped PEMI. The project is abandoned as the land has been annexed by financing bank under SARFAESI act. Now I am paying the PEMI ( almost 95% of the loan was disbursed) with no hope of getting the apartment I have decided to file the case in court but will the court grant stay of PEMI till the matter is disposed of or they cannot do that? The builder is offering another under construction project to swap with the booked one I am not sure as if these cases are delayed in court & normally take 3-4 years to be disposed off counting the appeals too. If court cannot grant stay on PEMIs, then I will end up paying PEMI almost as much as the loan amount. Please advise
Asked 3 years ago in Property Law
Religion: Hindu
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7 Answers
Court may or may not grant. Less chances of the stay for you but you can take the interim relief to the same should be paid by builder
Dear Sir
It is not very likely that the Court will grant a stay in the matter until the pending case is disposed of.
However you can still sue the builder as he is legally bound to pay you back.
Thank you
- Since you having document of contract with you with the clause of buy back facility , then the builder is bound to comply the said terms and conditions.
- You can send a legal notice to the said builder for the same , and on refusal you can file a compliant before the consumer forum and also can claim compensation as well.
- Further , the said court cannot give direction to stop the PEMI , but can direct the builder for paying the same .
- If you are not satisfied with the builder , then you should file the complaint.
If the builder stops paying the PEMI, the burden to continue to pay the installment automatically falls on the buyer.
Moreover the builder may claim that he is obliged to pay only for 3 years and he cannot be made liable to pay beyond that period.
The court has no reason to grant stay of PEMI, hence, even if it takes years before court for disposal, you may have to find a legal solution only through court or a compromise with the builder.
The subvention scheme is a big fraud perpetrated by the builders and he has made you a victim. Therefore file a criminal complaint against him for defrauding you. Moreover file a case in the RERA tribunal immediately.
the Court may or may not stay the PEMI but it can always direct you to deposit the PEMI in Court till the matter is finally decided by the Court
this the Court can do as an interim measure pending the final hearing of the suit
if you succeed in your claim then the PEMI with accumulated interest will be released to you
by way of interim relief you can also apply to the Court to give a direction to the builder to disclose his assets and after such disclosure to attach so much of his assets so as to satisfy your claim. This the Court can order by way of security for your claim amount in the proposed suit. If you fail in your suit then the assets will be released from Court's attachment
