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Advance payment of Home In Unfinished Projects Partial Thru Bank Loan
07-Aug-2023 (In Property Law)
I made advance payments for a home in a under construction project under " construction linked plan" and made approximately 100%. Builder took this land from govt authority on lease under installment. Some time back builder stopped the construction work, also not paying installment to authority. Anyhow authority is Govt body and will recover the money. I also talked to bank, they said loan's responsibility to pay is mine, they have given the loan to me basis agreement with builder. Authority also trying to get pending dues from Builder. Banks also section some loan and trying to auction builders office. My question is what's the best legal option to go in such scenario and against whom, builder is one, who else can be party( authority, brand ambassador, bank). I'm paying EMI for a home which is not fully completed and not in my possession. I paid service tax to govt when install were released by bank to builder. I booked this home after seeing advertisement by famous personality.
After going through your query. The best option available with you is to initiate action against builder.
We have initiated such action in many matters.
Initiating cases against famous personality will not help you as at the end of the day you want your money back with interest.
We have initiated such action in many matters.
Initiating cases against famous personality will not help you as at the end of the day you want your money back with interest.
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Adv. Abhishek Kumar
Delhi | 25+ Answers
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How to pay stamp duty and registration charges in tamilnadu?
In Tamil Nadu, you can pay the stamp duty by visiting the citys sub-registrar. The applicant must complete an application form, and then pay for the stamp duty certificate. Cash, demand drafts, debit cards, credit cards, NEFT or RTGS are all acceptable payment methods. 03-Nov-2023
How is payment done for under construction property?
The loan is typically disbursed in installments. The builder will demand payment and you can avail of portions of the loan. Some lenders charge EMIs only on the amount that has been disbursed. The monthly installments are therefore much lower.
Do we need to pay GST for under construction property?
The GST rate for an apartment that is currently under construction (affordable homes) is 1%, without ITC. GST on luxury apartments (under non affordable housing) is 5%, without an ITC. If you're considering buying a new, ready-to move-in flat, GST will not apply. 29-Aug-2023
What is the stamp duty and registration charges in Karnataka 2023?
The stamp duty rates in Karnataka are determined by the property values. Stamp duty rates will be as follows in 2023: 3% for properties worth less than INR 45 lakh. 5% for properties worth more than INR 45 lakh. 05-Oct-2023
You can file case in consumer court after serving a legal notice through lawyer upon builder whom you paid and who was to construct flats. You may implead bank etc but main party would be the builder .
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Adv. S P Srivastava
Delhi | 200+ Answers
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Here, the primary party should be the person offering the project to you, which is the builder/seller. He must deliver the project on time. After looking at the agreement with you, in case the government has certain obligations to you, then the government can also be made a party, but that will depend on the builder buyer agreement. The famous personality can also be sent a legal notice for false advertisement and inducement. These are the answers to your general queries but a comprehensive answer can be given only after ascertaining the true facts in detail.
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Adv. Tahir Ashraf Siddiqui
Delhi | 100+ Answers
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Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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