Developer not fulfilling promise of buy back
This is in regards to a property (land) purchased by me at Bhiwari (Haryana) under buy back scheme. It was promised by the developer to buy back the property after 1 year with 20 % addition on the invested amount. Sales agreement was signed between both parties and post dated cheque was issued.
As per agreement I was to inform developer a week prior to depositing the cheque to my account, to my surprise developer says he doesnt have money to honor the cheque due to poor market conditions and requested for extension of the agreement for another year or at least extension for 4-5 months.
I made the developer very clear that i am in urgent need of the funds and not in a position to accept any delays or renewal for another year. Developer replies even if i deposit the cheque the amount would not be credited, so in a way he tried dictating that I do not have any options but to wait till he finally decides to make the payment, if at all.
The due date for the cheque is 30th September'2015.
Name of the developer is : SUPRAS
Please advise what options due to I have ???
- Do I deposit the cheque to actually see if same is honored or not.
- If cheque doesnt get honored, what options I am left with.
Await to hear from you.
Thanks in advance