1. What can be done in this case.
2. how to rectify this.
3. And what are the laws to protect buyer interest in this.
The builder will not let you modify any contents of terms and conditions of either Sale Agreement or Construction Agreement (or Agreement to build). Builder will also not entertain any questions, clarifications, doubts etc to be answered or raised. This is where the actual problem starts. Your flat work will not be completed – brick work, painting, fittings, wood work etc. Since the builder has mentioned 10/12/18 months, he will take his own sweet time to finish it.
After receiving the entire payment, the builder will ask you to go for Sale Deed registration without completion of all other things except your flat. As usual, the builder will promise that, he will complete all the common things once for all, after the flat's brick work is complete. This usually takes anywhere from 12 months to 18 months.
These are some of the common problems encountered by all people who venture into such purchases.
Agreements generally are one-sided and favouring the builders. Also penalty for delay from the builder is peanuts. It is around Rs. 5/Sq.ft/month. Say you are buying a 1000 sqft flat and the penalty works out to be Rs. 5000/- month. Whereas you will be paying close to Rs. 50,000/- month as pre-emi interest alone
In all clauses for cancellation due to any reason, refund will be around 80% of the paid money and will be after 3/6 months’ time frame.
Instruct bank to release payment only after receiving written approval from you (builder generally sends demand note to banker for payment release and puts pressure on bank for release of payment) Form an association along with other residents so that pressure can be put on the builder to deliver as per schedule and commitments.
You may have to look into other options wherein your interests are properly protected.