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Fraud in buying a property
19-Jun-2023 (In Property Law)
Hello sir/mam, I have opted to buy a property in ghaziabad last year june. The agent for the estate took a token amount of ₹3lakhs from us at that time for a property costing approx.30lakh rupees. However my bank loan after much hurdles recently got approved for the sum that I wished for. Now when I went to the builder,he denies me giving the flat without paying 35%of interest as penalty for not being able to firnish the loan earlier perhaps within 45days of booking. Also,I was not told about this clause earlier however they have made me sign a form at the time of booking in which they now say that this clause is mentioned. The agent on much request and pleas by us have agreed to come down from 35%which amounted yo approx ₹5lakhs to ₹1.5lakhs. Am I liable to pay them the interest sum and can I have any stronghold in this transaction?
At the time of signing the documents did you read the clause in the agreement. was there any agreement provided to you at the time of handing over the token money. in case no then you are not liable to pay any amount to the builder. in case the clause is mentioned in the agreement then you can negotiate with the builder and get the amount reduced.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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In case you wish to buy the flat you can consider their proposal since you have already signed the booking form which contains this clause. However, if the token amount was taken earlier and the form was made to sign later you have a good legal ground to contest a case against the builder for fraud and cheating. If you do not wish to buy the flat and take your token amount back, you will have to pursue a criminal and consumer complaint against the builder. Final advice on the matter can only be given after looking at the terms of the application/booking form and other agreements if any.
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Adv. Mrinmoi Chatterjee
Delhi | 200+ Answers
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Getting loan from banks is a cumbersome process these days as it involves lot of paper works and compliances..You need not pay such huge sum as interest because nothing was intentional on your part. Also you have a recourse to consumer forum. Do you have a copy of that form in which such clause was mentioned?What is the status of property as of now?
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Adv. Anupam Kirti
Delhi | 100+ Answers
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