I bought an office space in an office building complex (Kapital Grand) on expressway in Noida in a commercial project (The Downtown) launched by Sikka Group in 2014. The project has 3 main parts: A office building , a retail building/ mall and a Five star hotel building. In last 4 years, I do not see any progress in the office building and there is very little work in the retail building and no work at all in the hotel building. As per the buyer-seller agreement, the builder is supposed to hand over my premises in 5 years time max. I have been paying on time as per the schedule and till date, the builder has take 90-95% of the payment and there is very slow work going on at site. I have been following up with the builder regarding the slowness of the work but every time they say that the possession will happen in Nov-Dec 2019. Looking at the site condition, the chances of the commercial building getting over in a years time is remote, whereas, the retail building and Hotel is next to impossible. I have lost all faith in the builder, and feel I have been cheated. Even if the builder somehow completes the office building—the project (where I have invested) cannot be completed. The project is registered with UP RERA. I want to exit from this project. Can I get Full refund along with interest? And what is the procedure?
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Dear concerned
As the project is rera registered .you may choose to filename online complaint against the developer on the U.P rera website. There have been multiple complaints that have been filed which are literally of no cost to the complainant or else any other way you choose to recover this money , be it recovery suit or any other there would be litigation cost to it.
Best of luck.
Sir...Thanks for your prompt reply. If I file a complaint on the U.P Rera website, and as per the details provided by me, do you think I stand to get the refund? And what is the interest %age, I can expect?
1) wait till 2019 when possession is to be delivered by builder
2) if builder fails to hand over possession on time cancel the booking and then seek refund
3) I presume you have registered agreement for sale with the builder
4) if builder does not deliver possession or refund file complaint before RERA in UP
Possession was to be handed over only in 2019
2) there must be cancellation clause in your contract
3) if you cancel agreement you would get refund as per clauses in your regs agreement for sale
Sir since there is still time to complete the project you should still wait for the possession time. In case builder breach agreement in that case only you can seek refund and compensation from the builder.
Further if there is cancellation clause in the agreement then you can cancel the project according to same.
Now, under the RERA law, the home buyer/buyer can exit the real estate project at any stage. The builder is also bound by law to return the money collected from buyers within 45 days, after deducting the booking amount.
Further builder has still got time In case of complaint he can take defence that both the parties have agreed to timeline.
So it's obligation on builder to complete in time in case he fails then you can file a complaint and seek refund and compensation from builder.
Hello ,
I would like to suggest you to file a consumer complaint in consumer forum . Moreover you can file a complaint in the rera website.
Regards
I would advice you to wait till 2019, as it would be really difficult for you as get the full amount back, as well as no interest would be granted as 1.5 year still remain in the date of possession.
If you still want to claim refund, you'll be governed by the cancellation clauses in the builder buyer agreement signed by you.
You can file an online complaint with RERA, but chances are bleak.
Yes, if you are making complain on the website of it and it gets entertained only then otherwise not.
And you may also be needed to file a written case in the Rera court as sometimes website may not let your case to the appropriate bench.
But, yes you would get your money refund back.
You will get refund of your money along with interest and compensation
Separately and clearly claim compensation also
Interest will be awarded at the rate of SBI lending rate +2% or as per rules formulated for interest in your state
The rera tribunal will ask you to stay in the project as only a small portion of money is required to be paid by you. But you have to be adamant
What was the conditions in the agreement?
The builder should have given a time limit with grace period for completion of construction.
If the conditions are breached or there are no chances for completion within the promised time you may decide to cancel the booking and demand full refund with interest.
You can approach RERA if the builder is not complying with demands made against him.
The UP RERA may address your grievances and may provide the relief after analyzing the facts.
If you are not satisfied with their actions you may even approach consumer forum for proper reliefs.
Rate of interest chargeable from the promoter by the allottee, in case of default, shall be equal to the rate of interest which the allottee shall be liable to pay the promoter , in case of default;
