I booked my flat in Dec-2012, as per agreement builder was supposed to handover the possession in 3 years, by Dec-2015, they have mentioned the grace period of 6 months, it means they were supposed to deliver by June-2016. as per agreement If builder do not give the possession in said period, then buyer has the right to cancel the same and builder has to refund the money within 3 months of expiry period, or 5 rs per sqft penalty per month on account of delay in delivery.
Considering the slow construction , i approached the builder, ,and i got the idea that they will not even handover the possession before DEC-16. they verbally (not anything in written) agreed to cancel the flat without forfeiting the earnest money. they promised to refund the money in 4 months (verbally). Now it has already six months passed they have refunded only 15 lacs out of total 37 lacs. Whereas they have sold my flat at premium and taken the all money from the new buyer. But not giving the idea about the refund of the balance amount. My queries are:
1.) When agreement allowing us to cancel the flat if builder dont give the possession within the specific period. Am i bound to wait for the expiry of the period, and why should i keep waiting for next 9 months to get the refund of the amount. When its clear even 6 months before of expiry that builder would not be able to deliver timely at all considering the current situation of the construction. Why cant i act before 6 months of expiry .Moreover even will not be able to complete the construction after 1 year of expiry.
2.) what are the remedies available for me to get the refund of the money at the earliest without the further loss of interest.
Asked 8 years ago in Property Law
Religion: Hindu