Delay in handing over my flat
I booked an three bedroom apartment in Golden Lotus at Madurai, Tamil Nadu in April 2014. The total cost of the flat is Rs. 72,40,210 (seventy two lakhs and forty thousand). I paid 32,40,210 (thirty two lakhs and forty thousand),
on 28.4.2014 - 2 lakhs,
on 7.6.2014 - 8,13,200 (eight lakhs and 13 thousand),
on 16.6.2014 - 12,27,010 (12 lakhs and 27 thousand).
Since, the apartment is Joint Venture with IIFL reality the builder recommended me to avail loan in IIFL to get a full loan amount. Hence, I applied. They released 38 lakhs and given the tri-party agreement of me, builder, and IIFL. In that the month of handing over the flat is July 2015 with the grace period of three months. In case of delay occurs, builder pay Rs. 7/per square feet to the buyer. Until that period, builder will pay pre-EMI to IIFL.
From October 2015 onward, IIFL forced me to pay the pre-EMI for 58 lakhs with 9.90 interest rate and I am paying ~32,000 per month. Every time, office people from builder tell about new date, Deepavali 2015, New year 2016, Pongal 2016. Since I frustrated, they have given me the letter for completion of the project at the end of June 2016. until now I paid 2 lakhs 80 thousands to IIFL as pre-EMI (i.e. only interest for my 38 laks loan amount). Yesterday, a new GM of the builder called me saying that they will handover by July 30 or August 10. Builder office people saying that they will adjust the delay penalty charges in my 2 lakhs final settlement.
Here, I have not yet registered my UDS of my property as I was in the dilemma of moving the place and re sale to someone. Since, this time is very dull in property selling, reselling of my property is not possible. As I am salaried, ~1 lakh per month major portion is paying for pre-EMI, then rent for my present house. Here is my request
Can I get any compensation for very longer delay (two years before I paid 32 lakhs and rate of my property per square feet is same only)?
As I have not registered the UDS of my property, Is it possible to get the money back to me from the builder?
Please help me
Asked 8 years ago in Property Law
Religion: Hindu
Dear Mr. C. V. Jadhav,
I could not understand your answer on "Bank will ask the full amount from you, it is difficult,"
I paid 32 lakhs 40 thousand to the builder, the joint venture of the project India Infoline released 38 lakhs to the builder based on my loan application. Any other banks is not involved in the loan process. At the same time I have not yet registered UDS of my property. However, what is the meaning of asking full amount & difficult in that.?
What I need to convince for the same?
Please clarify me..
Asked 8 years ago