Legal implications of a defaulted builder project


I made an investment in a defaulted builder project. I paid over 50% of the purchase price. I have no agreement signed as the intention has been that of an investment and a quick sale before possession. Can you please explain the legal implications of this default for ones who do not yet have agreements signed with the company - the only documentation available between the buyer and the seller is an allotment letter and the money receipts. Any other legal options available to me?

Answers (1)


58 votes
The allotment letter coupled with the payment receipts can be deemed to an agreement and on this basis you may claim against the financial institution.

In any event, you can only have a money claim since the financial institution will always have a first charge over the property.


Googling your legal issue online?

The internet is not a lawyer and neither are you.
Talk to a real lawyer about your legal issue.

Popular Property Lawyers


Advocate H Gouri Shankar
Dilsukhnagar, Hyderabad
24 years Experience
Advocate Rajesh Rai
Sector-19, Dwarka, Delhi
20 years Experience
Advocate Sunil Kumar Bakshi
Sector-16, Faridabad
33 years Experience
Advocate J. P. Rinwa
Swej Farm, Sodala, Jaipur
19 years Experience

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 Property Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or contact a Lawyer of your choice to address your query in detail.

Related Questions


"LawRato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."



Related Articles