• Regarding refund from Ved Infratech

Dear All,
We have booked a 1BHK flat, from Ved Infractech in Kanjurmarg Location. As the customer in Pre-launch, we were offered the flat with discounted rate, out of which we were asked to pay, Rs. 12 lacs, so we paid the amount. Now its been 1 years 3 months, and they have not started the construction yet, till now they were giving excuses as, the dp plan is not ready, IOD CC is taking time etc. But now it is observed that, they are in trouble with the land-owners, and I do not see any chances of the project getting built. Hence I want to get my money refunded. But Ved Infratech is delaying by giving excuse of not having sufficient funds, and stating that they will start refunding from January. But I am unsure about this refund. Hence kindly guide us, what can be done from a buyer side, to get the refund. 
Also note that, we have an agreement copy on the stamp paper, stating that, Ved Infract has taken the said money, and if the project is not built till Dec 2020, they will refund the money with 8% of interest. 
My first question to you all is, what process should be followed, if I do not want to wait for refund till Dec 2020, as we are badly in need of the money. 
My second question is, what is the guarantee that, he will obey the agreement and will give us a refund? If he is totally out of money, he can not refund us the money.
Asked 4 years ago in Property Law
Religion: Hindu

4 answers received in 30 minutes.

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12 Answers

1) You can make complaint in RERA office of Mumbai and Consumer Forum in mumbai against builder.

Ganesh Kadam
Advocate, Pune
12335 Answers
191 Consultations

4.9 on 5.0

Terms of agreement are sacrosanct

2) if builder fails to complete construction by 2020 you are entitled to refund of money paid by you with interest

3) if you cancel the agreement now builder will levy cancellation charges as per your agreement

4)there is no guarantee of refund of money paid by you

5) you have to sue builder for refund of your money with interest

Ajay Sethi
Advocate, Mumbai
87938 Answers
6207 Consultations

5.0 on 5.0

1. If there is major breach of agreement then you can can cancel the agreement and seek full refund along with interest.

2. Gross delay in starting or ending the constructions is a ground to cancel the agreement in which eventuality the builder is bound to make full refund except minor deductions.

3. So file a case before the consumer forum and seek refund along with interest and damages along with compensation.

Devajyoti Barman
Advocate, Kolkata
22515 Answers
402 Consultations

5.0 on 5.0

Hi, it is advisable to file a complaint at RERA ( real estate regulatory authority ) to claim refund alongwith compensation ...

Hemant Chaudhary
Advocate, Gurgaon
4619 Answers
67 Consultations

4.9 on 5.0

it is within your agreement that builder will refund your money if they fail to give possession within dec 2020. so you are not out of time although the builder has not started construction as yet. now it is your personal problem that you need money so you want refund. as per mutual discussion it has already been decided that they will refund on or about january 2019. at this juncture you have no legal remedy. any course of action will be of making good money bad. at best you can record the incident that till date the builder has not made any attempt to construct the building with a request to refund the money which may useful in subsequent event.

Manish Paul
Advocate, Kolkata
287 Answers
2 Consultations

4.9 on 5.0

1. Hope you had made search of the properties before you have booked the same and paid the initial amount.

2. Hope the said project is RERA complient.

3. If yes, then file a complaint case before the RERA Tribunal against the developer alleging deficiency in service and unfair business practice claiming refund of the money paid with interest, damage and cost.

4. While filing the said complaint case, you shall have to submit evidence that the project is not practically possible to be completed with in the scheduled period since the land problemn has not yet been settled and no foundation for the construction has yet been laid by the developer.

Krishna Kishore Ganguly
Advocate, Kolkata
26602 Answers
726 Consultations

5.0 on 5.0

You can go ahead with filing of the Consumer Complaint before the appropriate consumer Forum depending upon the jurisdiction also you can file civil suit recovery of money along with interest.

Mohammed Mujeeb
Advocate, Hyderabad
19031 Answers
32 Consultations

4.5 on 5.0

Sir the builder still has time according to agreement so at this stage relief cannot be claimed in case you ask refund now the builder can deduct the cancellation charge.

Sir in case he is out of the funds his property can be attached by court for execution of the order of the court.

Shubham Jhajharia
Advocate, Ahmedabad
25516 Answers
179 Consultations

5.0 on 5.0

This is my response to you:

1. If it is RERA registered the file a formal complaint there;

2. You can approach the authorities and seek refund as well as compensation;

3. You must know that the builder cannot ask more than 20% as earnest money;

4. You can also send a legal notice to him and obtain the money;

5. Recent judgment by Justice Kathawalla, it was held that cheating by builder is criminal offence and not just civil;

6. Consult a local lawyer and take steps.

Gowaal Padavi
Advocate, Mumbai
1920 Answers
5 Consultations

5.0 on 5.0

Dear Sir,

You can go for refund by issuing a legal notice using strong words that he will approach social media and consumer forum etc., Please be informed that all agreements expired by the end of third year of execution. If builder not initiated construction as on today then there is not possibility of completion by Dec 2020.

Netravathi Kalaskar
Advocate, Bengaluru
4952 Answers
27 Consultations

4.8 on 5.0

1. If you see that the building process has still not started and they can not complete the same before 2020 then you may ask for the refund as a matter of right.

2. If he is out of money then the court will attach his property.

Once a right accrues in your favor then you will get the refund, irrespective of the fact that whether has the capacity to pay or not.

Regards

Anilesh Tewari
Advocate, New Delhi
17940 Answers
377 Consultations

5.0 on 5.0

My first question to you all is, what process should be followed, if I do not want to wait for refund till Dec 2020, as we are badly in need of the money.

You can communicate your decision to cancel the booking since the builder has not started the construction work even after a lapse of more than on and a half year of booking and there are no symptoms of starting the project in the near future and demand the refund of booking amount with interest from the date of receipt till the date of payment, you may send this communication by registered post in the form of a legal notice through a lawyer, after which you can drag the builder to consumer forum or civil court for recovery and relief.

My second question is, what is the guarantee that, he will obey the agreement and will give us a refund? If he is totally out of money, he can not refund us the money.

If the agreement is by an unregistered document, then it will not be enforceable in court of law however it can be treated as a receipt for the amount received by the builder hence you can file a money recovery suit against him in the civil court or can file a case before consumer court seeking relief of the recovery of booking amount and compensation for the mental stress also.

T Kalaiselvan
Advocate, Vellore
78095 Answers
1543 Consultations

5.0 on 5.0

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