Issue - Flat Development & Possession
I booked a flat on 17th May 2012 at a price of Rs.21.8 Lacs payment was schedule per the development as per the bank loan. I took 18lacs loan from bank out of which till now bank paid 14lacs and i paid 2.5 lacs so till now i paid 16.5 lacs in total. Per agreement the flat was suppose to be handed over by June 2014 but the builder keep on extending the date and it is not delivered till date, the development is very slow. Also looking into the current progress it seems it require another one year and builder do not have any solid reason for the delay, they just say we are working on it.
When i did followup in June 2014 he agreed to do another agreement where it said to compensate me with the rent incase of any further delay after Aug 2014 but he did not mentioned any amount on it.
But in Jan 2015 one of their employee in email communicated to me that they will pay me Rs. 4000/- per month as a compensation till the possession and they will do the adjustment with the final settlement.
I am staying in a rented apartment at Rs. 8000/- per month and paying bank interest for the loan at 10.5% per annum but the comensation they says is Rs. 4000/- per month that too they are not paying me now, I am bearing loss and heavy expenditure due to the current scenario.
Dear sir please advise what are the legal options available for me. also i have read many blogs and i found consumer court decisions are like return consumer money plus penalty as 1lac or 2lac or 15% interest. In this situation again i will be in a loss as i booked the apartment on June 2014 at 22Lacs and if after 3-4 year he will be directed to pay compensation as one or two lacs the consumer will be in loss, being property cost increased drastically during the period and I won't be capable enough to get another flat at the similar price now, also builder will be happy to do that as he can sell that flat at a much high rate now.
Thanks and Regards