• Builder buy back

Hi,

I have bought a flat under buy back scheme. It was promised that at the time possession I can utilise builder buy back option. Now possession is nearing. They had share a contract for the same which I signed and shared with them for countersignatures but never got back the countersigned copy. It is apart from builder buyer agreement.
Now can builder refuse to honour buy back, considering it's their agreement which I signed but haven't received counter signed copy from them.
Asked 4 years ago in Property Law
Religion: Hindu

3 answers received in 10 minutes.

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14 Answers

You can issue notice to builder to furnish copy of contract signed by you for your record 

2) send email to that effect to builder 

 

3)buy back agreement is binding on builder 

Ajay Sethi
Advocate, Mumbai
94910 Answers
7570 Consultations

5.0 on 5.0

No he can't. If he does you can approach court under specific relief Act and seek relief through suit

Prashant Nayak
Advocate, Mumbai
32059 Answers
183 Consultations

4.1 on 5.0

Hi,as a part of the agreement builder has to abide by the terms and conditions of the agreement..If the builder deny  to honour the buy back option, a complaint can be filed under section 11 of RERA act ..

Hemant Chaudhary
Advocate, Gurgaon
4630 Answers
67 Consultations

4.9 on 5.0

Its just a matter of you not having received the copy of your buy back agreement..please inquire with the builders office you should be able to get the copy for your records soon.. the builder cannot refuse to honour the agreement as it is binding upon him..

Garima Anil Mehrotra
Advocate, Mumbai
514 Answers
1 Consultation

4.9 on 5.0

Any unregistered document is not enforceable in court of law.

However you can use it as evidence to prove your pleadings.

Before that you may patiently wait and talk politely tothe builder to honor the agreement  which is  a buy back scheme.

If he refuses then you may first issue a legal notice to the builder in this regard demanding him to buy back the property as per the agreement and to return the money invested by you.

On failure to comply with the demand made you may plan to file  suit for specific reliefs on the basis of the contents of the agreement.

 

T Kalaiselvan
Advocate, Vellore
85109 Answers
2215 Consultations

5.0 on 5.0

Since you have not received the copy of Agreement counter signed by the Builder, you can issue notice through Regd. Post Ack. Due to him demanding the copy of signed version of agreement for your records and use.

Yes, Builder is bound by the Buy Back Scheme.  

The same is binding on the Builder and he is liable to honor the Agreement.

If he does not respond to above notice, you can text him through WhatsApp and also send e-mail, which can be used as evidence going forward.

 

S Srinivasa Prasad
Advocate, Hyderabad
2876 Answers
9 Consultations

5.0 on 5.0

No, bullder cannot back out now.

He have to fulfill the promise. 

If he doesn't than file a complaint against the builder to the registrar cooperative Societies office 

Rahul Jatain
Advocate, Rohtak
5365 Answers
4 Consultations

4.8 on 5.0

1. A contract comes into being when two parties agree on the same thing in the same sense and this is reduced to writing and signed by both parties.

2. You have signed the agreement and delivered it to the builder but since you have not received the copy signed by the builder it is doubtful if the builder signed it in the first place. Hence, if the builder has not signed it then contract has not come into existence.

3. If, however, the builder has signed it then it is binding on him.

Ashish Davessar
Advocate, Jaipur
30763 Answers
972 Consultations

5.0 on 5.0

Yes you can. Copy is with builder which can be summon by court if  builder is not ready to buy back and refund with interest.

But you must have some draft of the agreement otherwise builder may refuse the presence of any such agreement executed. Copy of draft may have available with other purchasers.

Yogendra Singh Rajawat
Advocate, Jaipur
22669 Answers
31 Consultations

4.4 on 5.0

- Yes, in the absence of any registered agreement , the builder can refuse to honour buy back , and also as you have no copy of the same as a proof of the agreement as well. 

- You should ask the builder to provide the copy of the same to you. 

- Further, if the builder flatly refused , then you can issue a legal notice to honour the agreement. 

Mohammed Shahzad
Advocate, Delhi
13344 Answers
199 Consultations

5.0 on 5.0

you can take the matter to the Court and preferably Consumer Court, but before filing any such case you are suggested to serve upon them a legal notice. 

Mohammed Mujeeb
Advocate, Hyderabad
19299 Answers
32 Consultations

4.7 on 5.0

Dear Sir,

Once the agreement is not signed by both the parties, the same may not be enforceable. But apart from that you may have other documents to support your cause and proceed against the builder. 

Ganesh Singh
Advocate, New Delhi
6757 Answers
16 Consultations

4.5 on 5.0

1. Yes builder can refuse to honour buy back scheme but only by taking ground that he never signed the agreement of buy back scheme.

2. If you can copy of buy back agreement then only you can force him to honour the scheme. 

Mohit Kapoor
Advocate, Rohtak
10687 Answers
7 Consultations

5.0 on 5.0

In normal circumstances that cannot happen. But given the situation one cannot say what will happen. Ask them the documents.

Rahul Mishra
Advocate, Lucknow
14088 Answers
65 Consultations

5.0 on 5.0

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