NO, complain to RERA. Ready to Possession mean, complete construction with OC, CC as decided in BBA.
Stoppage of monthly assured return
I was allotted a office space in project after making full payment.As per agreement builder was bound to give monthly assured return check till the possession of unit.Builder issued letter on 8Oct18 to get the possession of unit.I checked with builder weather he had obtained the completion certificate from concerned authority.Builder had not obtained the said certificate and I refused to take the possession of the unit. Builder stopped monthly assured return cheques from October 18. Builder obtained completion certificate on 21 Jan19 and accordingly I took possession of unit on 3rd April 19.But builder refused to give 4 months assured return checks. I was told that as I refused to take possession in Oct18.when builder offered the possession on the basis of partial completion certificate.Can builder stop the assured return after getting partial completion certificate without handing over possession to owner?As per buyer agreement,it is mentioned that assured return is up to possession.It is Rera Punjab registered project. What should be my line of action?
Asked 6 years ago in Property Law
Religion: Hindu
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8 Answers
File a complaint before the RERA authority , the builder can give possession after.the OC is received CC is made by architect.
Complain against builder before RERA
2) seek orders to direct builder to provide monthly assured returns as per your agreement
3) mention that completion certificate was issued in January and you have immediately taken possession but builder has failed to given returns promised by him
File a complaint before RERA. The RERA regime makes it faster to file a complaint and take action against the builder.
Schemes promising assured returns have been recently declared by SEBI in its guidelines. Recent Amendments to the SEBI Act pertaining to the definition of "Collective Investment Scheme" prevents the real state sector from launching projects with assured returns. In light of this, I doubt you'll receive any success in this matter if your approach RERA. Having said that, try sending a legal notice to this building claiming your unpaid assured returns.
If the said assured returns are part of profit then rera is not applicable. You can only exercise rera if you are allotte and not promoter
Under RERA builder is responsible to obtain the completion certificate and occupancy certificate from relevant authority and make it available to allottees.
Under common law/local law the issuance of both the certificates are mandatory in nature for a valid possession.
So you are legally entitled to monthly compensation till the above requirements are fulfilled.
Issue a notice to the builder stating the above legal requirements and demand for the monthly payment.
In default file a money recovery suit against the builder in civil court.
If there was a partial completion certificate available as on the date he offered possession then it can be deemed as your refusal to take possession.
However you can issue a legal notice demanding the arrears of assured amount and if the builder fails to comply with the demands made you may drag him to consumer forum for this reason and remedy.
