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Author Topic: Help with legal options  (Read 187 times)

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Offline Maxuser2017

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Help with legal options
« on: September 25, 2017, 02:44:53 AM »
Hi,

I had invested in a property in 2014 wherein I took a loan from a Bank and paid ~95% of the sale price. The remaining 5% was to be paid once the property was ready for possession.

The due date for completion was Q4 2015 and at this stage it seems the build will probably take another 1-2 years. I am paying the home loan and the interest component as well.

I am thinking of initiating legal proceedings against the builder however had a few queries:

1. Does the Bank have any obligations considering it is a tri-party agreement (Allottee, Builder and Bank)
2. Should I explore to close the home loan if I have necessary funds? I really dont want to continue to pay interest on the home loan if there is a way
3. There are a few other property owners who have legal proceedings already initiated against the builder. Would I need to file a new case or do I have the option to join them?
4. As per the agreement, if I miss paying a required payment or delay it, I am required to pay a penalty of ~18% on compounded interest however if the builder delays  then they are required to pay INR 2 per sqft every month of delay - can I demand equal terms now?
5. Am I legally entitled to demand a meeting with the promoter before filing legal proceedings?
6. I had gone through a broker who had advised me on investing in this project. Will he also be liable for any legal proceedings? Or what will his involvement be?

Apologies for the multiple questions, however will really appreciate some help on this.

Regards,
Concerned investor
« Last Edit: September 25, 2017, 02:46:48 AM by Maxuser2017 »

Offline adv.amarnath

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Re: Help with legal options
« Reply #1 on: October 01, 2017, 08:53:57 AM »
1. Does the Bank have any obligations considering it is a tri-party agreement (Allottee, Builder and Bank)
Ans: No

2. Should I explore to close the home loan if I have necessary funds? I really dont want to continue to pay interest on the home loan if there is a way
Ans: Yes you can

3. There are a few other property owners who have legal proceedings already initiated against the builder. Would I need to file a new case or do I have the option to join them?
Ans: Yes, it will be best to file a case before consumer forum having jurisdiction

4. As per the agreement, if I miss paying a required payment or delay it, I am required to pay a penalty of ~18% on compounded interest however if the builder delays  then they are required to pay INR 2 per sqft every month of delay - can I demand equal terms now?
Ans: These can be sorted out if you file a consumer case.

5. Am I legally entitled to demand a meeting with the promoter before filing legal proceedings?
Ans: Rather send a legal notice.

6. I had gone through a broker who had advised me on investing in this project. Will he also be liable for any legal proceedings? Or what will his involvement be?
Ans: If broker is on the agreement then you can make him party to the case otherwise not.

For further clarification and consultation or drafting of notice or consumer complaint you can contact me.
Regards,

Amarnath Sanyal
Advocate
Email - adv.amarnath.sanyal@gmail.com
Mob - 09830303322

 

File a Consumer Complaint
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Call: 9873628941
 

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