Any govt. regulation to protect interest in assured return property?
I had bought an assured return property 3 yrs ago. We were getting the return till December last year but after that haven't got the return. The builder says will give the assured return money for Jan & Feb in March.
We are concerned about the return that has not come in for 2 months but we are more worried about the property & assurance that we will get property in due time & the builder will not run away / cancel the project.
What are the remedies available? Is there a Govt. regulation to protect our interest?
In case you do not receive the promised return amount, you can send a legal notice to the builder asking him to pay your return amount for past 3 months and if the same is not paid within time, you shall initiate legal action.
Now if the said payment is not made, you can register a criminal complaint against the Builder for the offence of Criminal Breach of trust under Section 406 and Cheating under Section 420 in the Police Station.
You can also initiate a civil suit for recovery of the amount against the Builder as he is liable for breach of contract. You can also claim interest on the said amount since the payment became due and compensation as well.
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