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Penalty on delay in making final payment towards a property purchase
17-Oct-2023 (In Property Law)
We agreed to purchase a flat which is still under construction. today we received a letter from builder that they are ready to hand over the possession by 20th October 2017 and today is 17th oct. they also asked us to make the balance payment till this date or within 7 days as a grace period, else they will charge simple int @ 24%. is this correct? as far as interest is concerned on non payment its ok, but how are we supposed to arrange payment within such a short span of time. is there any law which states what minimum time gap that should be given to buyer for making final payment?
As per ur statements u purchased flat which is still under construction,, u received suddenly demand latter from builder , against this latter u can file compliant against the builder under section 12 of consumer act ,u can get success in ur object rest on VI's a vise
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Adv. D D Purohit
Jodhpur | 100+ Answers
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the paramount consideration in cases pertaining to the agreement between the buyer and seller is that the parties should honour the contractual committment and cannot by any stretch of imagination enforce upon the other party something that is not within the scope of the agreement. as far as the conditions in the agreement is concerned, it should be taken into account that reasonable time frame is always provided in the agreement. Usually, In case of any payment defaults by the buyer, the agreement usually states a penalty between 18 and 24 per cent per annum. hence it would be quite important to interpret and understand the terms and conditions of the agreeement and whether it provides for any such condition under which you are being made liable to pay the builder the required amount.
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Adv. Siddhant Jain
Jaipur | 25+ Answers
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