I had booked a Flat with a well know Builder in 2012 with possession date as March 2016. Unfortunately the Builder had problems , construction stopped for 2 Years and Finally it was sold to another Builder, Another Builder asked us to sign a supplement agreement , By that time I had lost my Job and was not in a position to continue further and offered to surrender, The original builder had the responsibilities to get supplementary agreement signed buy all the people who had booked the Flat, Hence he promised me that he help me with will buy back from the new builder or allow me to sell it after 2-3 Months , Hence I signed the agreement with possession date as March 2018, and this new builder also offered a compensation of Rs.25,000/- per month which will be adjusted in the Final Payment. Now the situation is I still don't have a Job, my EMI is Rs.1 Lakh per month, Builder is neither buying it back nor allowing me to sell it before possession. I might default on my EMI and the new builder has refused to meet me. Can I get solution as I have made payment of 80 % out of which the loan amount is 40% of payment made so far. Only one payment pending at the time of possession. Thanks.
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1) if you have signed the suplmentary agreement you cnnaot have any grievance if possession dated is march 2018.
2) if you have ready buyer you can sell your flat
3) builder cannot restrain you from selling your flat before delivery of possession
4) in the alternative apply to bank for rescheduling of your loan
1. You have committed a blunder in signing the supplementary agreement with the new builder on some assurance given by the earlier builder without keeping anything in writing.
2. You do not have any legal ground to make any claim from the new builder now afer having signed the supplementary agreement wherein you have agreed to abide by all the terms and conditions mentioned in the said agreement.
3. it will be prudent on your part to pay off the balance amount and try to sell off the flat to a third party and directly register the sale deed in his name ths saving the registration expenses for registering the flat in your name.
All depend on the terms and conditions of the agreement executed by you with the new builder.
Mention the terms and conditions or read it carefully then contact again to get best advise.
Since you have already executed the supplementary agreement with the new builder whereunder the date of possession is March 2018 you are bound and governed by it. If you cannot pay the remaining EMI then apply for cancellation. The builder will be entitled to deduct cancellation charges in terms of the agreement. Consult a lawyer with a copy of the agreement.
If you plan to cancel the booking of flat, you can do so even at this moment by communicating the same in writing to the builder stating that due to inordinate delay in completion of construction you have decided to cancel the booking and demand him to refund the money so far received by him.
If there is no response or cooperation from the builder you may drag him to consumer forum seeking refunds and also compensation for the mental agony you suffered due to this.
