Agreement to sell- Advance paid to be demanded back
I have booked a Flat in Kochi , Kerala, 2 years ago and have paid close to 55% of the Flat value till date, although the construction have been completed roughly about 25%. The sale agreement has payment schedule based on completion of each floor slabs, So withe casting of every floor slab he demand certain % which means upon the completion of last floor Slab the builder gets almost 90 % of the value of the Flat, whereas the actual completion of the whole project may be only 60%.I haven't noticed this as the builder was from our know circle of relatives and friends.
However Due to some change of my plans I want this booking to be cancelled and the money to be demanded back from the Builder:-
My questions are ,
How do I approach the builder, I mean is there going to be a cost to me on this?
Can I get the money back with an appreciation in line with the current market value?
What legal options I have, if the builder refuses to cancel the agreement ?
Is it legally permitted for the builder to demand 30% more money than the actual % of construction progress?
If I continue with the agreement, do I have the option to pay the builder in line with the actual % of progress of construction?
Regards
Asked 7 years ago in Property Law
Religion: Hindu