how can i cancel sale agreement
We have purchased a commercial office. We booked this office in June 2012 by paying Rs. 500,000. At this time 2 floors were ready. The builder quoted that he will be giving possession by December 2012. The construction on the project was delayed a lot. And we also didn't pay any amount further till Feb 2013 - when we paid another Rs. 500,000. We signed the agreement in March-2014. And paid the stamp duty and other charges for agreement. We are now processing the loan and there is some delay from the bank for disbursal - though we have received the sanction and shared the same with builder. We had earlier agreed to pay an increased consideration for the property on account of delays in payment. And the agreement has been done according to the revised consideration only. Now the builder is pressurizing us for the disbursal and payment of the remaining amount. Though it is not going to take a long time now - but he is constantly saying that he will proceed with cancelation of the agreement. My simple query is - can he cancel the agreement from his side - without our consent - or without giving us sufficient notice and period to perform the agreement? What will be the legal recourses available to us?
It all depends on what has been mentioned in the revised agreement as regard your delay in making payment, rate of interest to be chareged on delayed payment, cancellation of agreement on account of non-receipt of payment on time, arbitration clause etc., If there is interest clause mentioned in the agreement for the delayed payment, then the builedr can not arbitrarily cancel the agreement, 3. In case he illegally cancels the agreement, lodge a complaint case before the local District Consumer Dispute Redressa Forum alleging deficiency in service and unfair business practice claiming immediate possession & registration of the agreed prioperty, damage & cost.
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