Continuous delays in possession of flat by Promotor under subvention
27-Jan-2023 (In Property Law)
I registered a flat by Promoter/Oasis in NOIDA under subvention scheme means, No EMI till possession of the Flat. As per Builder-Buyer Agreement Property Possession within 36months + 6months grace period from the start of construction at site December 2014; i.e by December 2017.
However, Possession Period was further extended to December 2019 under Subvention scheme, for which we were issued a letter by the Developer. On our visit to construction site, no activity found on the site.
Since loan has been disbursed by the TCHFL (Tata Capital Housing Finance Ltd.) recommended by the Oasis Group have made them approach us for EMIs disbursement and served defaulter notice to us. Our CIBIL (Credit Information Company Operating) has also crashed so badly, depicting us perpetrator in the eyes of Financial Institutions & Bank for no crime except that we dare to see dream for house of our own.
We therefore I request you to share your expert guidance put an end to our suffering.
Dear client, I have seen your query carefully and found that you are in a big trouble. one side you have invested your hard earned money in a flat which is not going to complete in near future and on the other side the financial institution is also put pressure to pay the requisite instalments. in this situation if you ask builder for cancellation the booking and refund your money then in that case the builder will deduct the earnest money which may be 10 to 20 percent of the total cost of the flat. So it is better to ask the builder the exact date of completion and hand over possession of the flat. you should also send a letter to the builder and asked him regarding the status of the occupation and completion certificate from the concerned authority. if builder showing its inability then send the legal notice either give possession or refund the money. According to the recent judgment of supreme court the builder can not compell to take possession if the project has been delayed for more than a year. I think you will get all the answers to your query. still you want to consult with me then you can contact me without any hesitation through administrator of this website
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