New project started in place of old.Will our agreement be still valid?

Would the old Agreement of a housing project be still valid if the construction had stopped & a new project had started in place of the old one? I had invested in a housing project in May 2012 in Noida where the construction was soon stopped. We had invested 8-9 Lakhs in this project. But they started a new project in place of this old one in Jan, 2014 with new t & c’s but the carpet area remained the same.

Looking at the t & c’s for asking a refund, they say that a total of 15% will be taken back on a request for refund. My concern is we have invested a total of 15% only.

What can I now do?

Answers (1)

409 votes

We believe that we will be in a better position to reply to your query after the perusal of the terms and conditions of both the Agreements old and new.

In the present case the refund is due to the fault of the builder who has started a new project all together so it may be possible to take a full refund of the amount paid under the new agreement, but we can guide only after perusing the terms.

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