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Author Topic: Delayed Payment to a builder for a project under RERA  (Read 281 times)

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Offline legalquestion_realestate

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Delayed Payment to a builder for a project under RERA
« on: March 12, 2018, 11:59:54 PM »
I have bought a flat in a project under RERA.
I received a demand note for payment, but I am unable to make the payment for a few months.
What can happen?

Offline advjaibansal

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Re: Delayed Payment to a builder for a project under RERA
« Reply #1 on: March 14, 2018, 06:42:10 AM »
Dear Sir,

Builder may forfeit the money or impose penalty for late payment with interest.

Regards,
jai bansal
Advocate, New Delhi
Supreme Court of India
bansal.jai@gmail.com
mobile: 09868566649

Offline legalquestion_realestate

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Re: Delayed Payment to a builder for a project under RERA
« Reply #2 on: March 14, 2018, 12:41:31 PM »
A Supreme Court lawyer mentioned, that if the builder does indeed take the drastic step, a stay order will not be difficult to get. What is your opinion?


Also, generally, will the builders do something drastic, and if they do, will they do it selectively?

Offline legalquestion_realestate

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Re: Delayed Payment to a builder for a project under RERA
« Reply #3 on: March 14, 2018, 12:53:10 PM »
Also, other lawyers are saying this, on other forums

"You can cancel the booking and he will be bound to refund you the booking amount after deducting 10% of the booking amount"


Offline legalquestion_realestate

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Re: Delayed Payment to a builder for a project under RERA
« Reply #4 on: March 14, 2018, 03:09:53 PM »
Also, what does the buyer lose, if the flat is forfeited.

This is how the RERA Act seems to spell out what happens if the allottee of flat cancels the booking for no fault of the builder - ONLY THE BOOKING AMOUNT CAN BE FORFEITED.
 
CAN THE BUILDER FORFEIT ANY OTHER AMOUNT like brokerage charges, interest on delayed payments, service taxes, VAT etc: etc: after RERA has come into effect, if the buyer cancels the allottment because of inability to pay the full amount of the flat. The agreement mentions Earnest Money forfeiture plus other charges, but the agreement was drawn up PRE RERA.

7.5 Cancellation by Allottee The Allottee shall have the right to cancel/withdraw
his allotment in the Project as provided in the Act:
Provided that where the allottee proposes to cancel/withdraw from the project
without any fault of the promoter, the promoter herein is entitled to forfeit the
booking amount paid for the allotment. The balance amount of money paid by
the allottee shall be returned by the promoter to the allottee within 45 days of
such cancellation.

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