Hello, I had invested in a project by Jaycee Homes in Kashimira called Bhagtani Riyo in March'13. Project was advertised to be ready by end of 2016 and I had to pay 30% (Rs.7,65,000) upfront. Allocation letter states that I should get paid 15% interest if the construction does not start in the first year. Three years down, I am being told that since the builder could not obtain land title, my money will be refunded with interest but I will need to wait for another 15 months (so builder earns interest out of investment?) which is a policy they did not add in the allocation letter. What legal action can be taken?
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1) since construction has not been completed within period stipulated in the contract you can cancel your booking and seek refund with interest at 15%as stipulated in the contract
2) if builder refuses to pay file complaint before consumer forum seek refund with interest
3) you can claim litigation costs and compensation for mental torture undergone by you
Thank you for your answer, The builder is willing to refund the money with interest for the period of March'2013 to August'16 only. But he is asking me to wait for additional 15 months to get that amount. He is not paying me the interest for the next 15 months that I will have to wait. This policy wasn't explained to me or added to the allocation letter. How can I ensure that the builder refunds the money immediately?
1)intetest should'be paid by builder till date of actual payment
2) file complaint before consumer forum as advised earlier
3) case before consumer forum would take around 2 years to be disposed of
4) yiu cannot get immediate refund
Hello,
1) You should not accede to such authoritarian proposal made by the builder as he is clearly breaching the contract and besides there was no such stipulation in the Agreement.
2) If he is agreeing to pay an interest as the project is getting scrapped, he is not doing any favour but merely discharging his obligation of the contract.
3) If you are asked to wait 15 months and you are willing to do so, you may , however he is liable to pay the interest for that period of time as well. It is apparent he is gaining interest from the money you have invested with him.
4) You must send him a legal notice with all relevant details as this will form the basis of any legal suit you may have to bring against him if he fails to pay.
Hello,
1) As i posted above, you may agree to wait 15 months provided the builder agrees to pay the interest for the waiting period. If that is not agreeable issue him a legal notice and demand the payment immediately.
2) Whatever be his offer, do ensure that he gives you an undertaking of repayment in clear terms with time stipulation. You are under no compulsion to wait as demanded by the builder any way.
3) Should you need further assistance feel free to reach out by preferring to consult.
You may issue a lawyer's notice for cancellation of the agreement to demand the immediate refund of the money you had invested. If the builder does not pay back even after receipt of the notice then you may sue him in the consumer forum as his act falls squarely within the mischief of Consumer Protection Act. A clause that was not added in the allocation letter or agreement cannot be unilaterally enforced by the builder now. You have the right to seek immediate refund.
I had invested in a project by Jaycee Homes in Kashimira called Bhagtani Riyo in March'13. Project was advertised to be ready by end of 2016 and I had to pay 30% (Rs.7,65,000) upfront. Allocation letter states that I should get paid 15% interest if the construction does not start in the first year. Three years down, I am being told that since the builder could not obtain land title, my money will be refunded with interest but I will need to wait for another 15 months (so builder earns interest out of investment?) which is a policy they did not add in the allocation letter. What legal action can be taken?
You may plan to cancel the booking by issuing a legal notice demanding your full amount with interest, let them give a reply for which you you can file a case before the district consumer distress forum seeking refund of your money as well compensation he promised towards this.
