Builder Charged penalty on late payment on demand and not giv
I have booked a Flat in Bhiwadi, Rajasthan in October, 2010. At the time of booking, I was told that the Co. had tie-up with various banks for finance namely ICICI Bank, LICHFC & Indiabulls. Since I am a salaried person, I opted to go with LIFHFL for finance of my flat. After giving my papers, the LICHFL rep. didn't showed up for couple of months and only after rigorous follow-up was I told that my loan was rejected initially. Though no communication was sent to me regarding this. I felt like this delay in communication and rejection was deliberate, since the builder started sending its demands towards construction.
Then I approached ICICI Bank for the said financing. Since, the builder told us they had tie-up with the bank, I was supposed to just give my financial documents and all other approvals of the project and other related documents must have been already settled between the buyer and bank. But to my surprise, I had to commute 2 - 3 times in a day to get documents from builder to bank.
Anyways, after a delay of almost 1 year, My loan got sanctioned and disbursed. In the meantime, the builder was sending his demands as per the construction phase of the project. The builder had levied penalty @ 18% + 24% on the delayed period. This penalty levied is also unfair since the clause says 18% penalty for first 30 days and thereafter @ 24% for the delay. Though the builder has charged flat 24% for the payment delayed for more than 30 days.
As per the Builder Buyer Agreement (BBA), the builder was supposed to handover the possession of the said flat after 2.6 years + 6 months from the booking date but the possession is yet to be done. When I contacted the builders office towards compensation of this delay as per the BBA clause which says that the builder would pay Rs.5/- PSF per month towards delay in handing over the possession, they are denying for the said compensation citing that since there was delay from me towards payment of their demands, they are not liable to pay.
Sir, I would also like to bring to your kind notice that since the time the Bank disbursed the loan towards the builders demand and till November, 2014, I was paying Pre-EMI Interest since the loan amount was not fully disbursed and demands from the builder were delayed in view of delay of the project.
I would also like to highlight that the same builder had in the interim built, completed and handedover another project in Bhiwadi itself. The said project was approved after 1.5 years from the date of my booking of flat and last year the possessions have also been handed over.
Sir, I would request if you could please suggest me the right course of action.