Delay in construction and pledging of apartment
I have booked an apartment in Trivandrum in March 2012 by paying the full amount as advance. As per the agreement, the builder was supposed to complete the construction and register the apartment in my name by December 2013. The construction was going very slow and by December 2015, only 90% of work was completed. For the past 10 months no work is progressing at the site. I understand that the builder is having financial crisis.
The land and apartment complex is now in the name of the builder.
As the registration was getting delayed too much, I requested the builder to register the apartment in my name and, then complete the remaining 10% works. However the builder was not ready for registration.
Now, it is found that the builder has pledged the apartment complex with a financial institution and taken loan. The loan is not being repaid regularly.
Is it right to pledge the property by the builder with a financial institution without my written consent, as the apartment is constructed by the money collected from me and similar other persons in advance?
Is it not a case of cheating?
What will happen if the builder does not pay back the loan to financial institution?
What are my rights on the apartment?
It is found that there is a court attachment on another apartment complex by the same builder.
How can I prevent court attachment on the apartment constructed with my money, for any liability of the builder?
Please suggest further course of action for making the builder
(a) release the pledge with financial institution and get the property registered in my name. (b) complete of remaining works. (c) give compensation for delay in construction and handing over.
Will it be easier to get the money paid by me alongwith interest from the builder, rather than getting the apartment constructed and handed over?
Please give me your valuable advice.
Thank you.
Asked 7 years ago in Property Law
Religion: Hindu
In my Agreement with builder, there is a clause that:
"In the event of any disputes/differences arising in relation to this Agreement, then the matter will be referred to Arbitration under the provision of Arbitration and Conciliation Act 1996".
Will this clause prevent me from going to the consumer forum?
My agreement with the builder was in March 2012 and the builder was supposed to complete construction and hand over the flat to me by December 2013. So far it has not happened as the construction was getting delayed. Is any time limit for me to approach the consumer forum?
Asked 7 years ago