We had purchased an office space in a commercial building.Total payment had been paid except a few thousands. Builder was paying Assured Return of 1% on the amount invested. But recently builder issued possession letter and demanding nominal balance payment. Builder had applied for completion certificate but so far it had not been issued to him. He has only acknowledgement of that.Builder had stopped making 1%Assured Return. Moreover builder is pursuing us to take possession of office.He also told that we will have to pay interest @24% on payment due and he will charge monthly HOLDING CHARGES for the office space if we don't get possession .. Now my question is can builder stop the monthly assured return of !% after issuing allotment letter where as he has not obtained completion certificate.Can he charge 24% interest and Holding Charges without obtaing completion Certificate.What is best option for me?
Ty he chh completion certificate has not been granted but has only been applied. Therefore the project has not neen completed yet. He cannot alter the terms if the contract ty o your detriment and cannot penalise you for things which are to your disadvantage. Therefore if he persists in this kind of behaviour send him a legal notice and file a case in the rera tribunal.
Regards
Sir without the completion certificate the builder cannot charge for holding the property, you can make the balance payment and give a legal notice for 1 percent assured return further notifying builder that you shall take possession as soon as there is OC for the space. Allotment letter can be issued but the possession shall be on completion.
1) it is necessary to peruse terms of your agreement with builder to advice
2) if there is delay in making payment builder can charge you interest at rate mentioned in agreement for delay in making payment
3) builder cannot force you to take possession of office until occupation certificate is issued by the muncipal corporation
4) you would be entitled to assured return if there is such clause in your agreement
Dear Client,
Better complain to RERA.
As a tenant and buyer you can approach rera or Consumer Court for redressal.
1) The common tactics used by the builders is that they have already applied for completion or occupancy certificate. Please note that application for OC or CC does not ensure that local town planning authority is obliged to issue the same. In case of more than 5% deviation, local town planning authority may deny OC or CC to the project. If the OC or CC is still not issued then a buyer may refuse to receive possession of property. A buyer may send a written communication to the builder that he/she will accept possession of property once the OC or CC is issued. It is very much legal to demand OC or CC before possession. A builder cannot force possession of property if the OC or CC is not issued by the local town planning authority.
If the builder is insisting on the balance of payment and also to take over possession and has stopped the payment of assure amount, then you may demand him to produce the CC or OC before handing over possession since it is mandatory for him to procure the same before handing over possession of the property.
If he builder is adamant and not listening to your appeal, you may issue a legal notice to him and drag him to consumer forum for deficiency in service.
refuse to accept possession without an OC
As OC itself is not received the builder cannot offer possession and thus he cannot charge any holding charges for not taking possession
as to the assured returns which the builder has stopped paying, you will have to file a suit to recover the same with interest
if the time for making balance payment towards the office has come then you must make the payment. The builder can charge interest for late payment as agreed in the agreement for sale
