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Procedure for refund from builder in case of subvention scheme


05-May-2023 (In Property Law)
I have booked a flat in Greater Noida in 2015. I have paid 10% from my saving and 50% by the Bank. But after 2 years I got to know that the tower of project got stuck in a court case and even construction work not started. I visited builder office and asked them for refund of my money but they told me that if you wants the refund than 15% of money will be deducted as per agreement and informed me to that they are you can go for other flat in different tower. So I swapped the previous flat with new flat unit. But in agreement I found two papers addressed to greater noida authority that I am giving my consent for any change in site plan and building plan. I denied to sign these two papers. Builder also said OK and sent file for loan processing to Bank but Bank requested me that if you are not signing these two papers than loan could not be disbursed. Owing to all I don't want any flat from this builder. Can I get my money bank now and how?
Answers (5)

Answer #1
646 votes
YES, you can get your entire refund with interest. it seems that there is deficiency and unfair trade practices on the part of builder. you might have singed Flat buyer agreement and under the said agreement you can see that the builder has to give possession of the flat within certain period. but here fact is that even construction has not started and they are miserable failed to deliver the possessions as per time specified. Therefore, you have to give legal notice and file a complaint before Consumer Commission.

hope you get clarification.

thanking you.
Answer #2
911 votes
You can definitely get your total money back, however it is necessary to peruse all the documentation work that has taken place between you and the builder at the time of booking the flat in 2015. Once there is clarity on that, we can take further appropriate steps. In case of further queries, please contact on my personal e-mail id.
Answer #3
949 votes
Yes sir you can do that as it is your right to get your money back as builder has not done his part of contract which is his duty to perform and for this you need to file recovery suit against the builder and also complaint against him in RERA Act.
Answer #4
859 votes
Yes, you can get your money back. As it seems from your case, you have purchased property through an interest subvention scheme and you have paid 10% as upfront amount while the remaining was paid by the bank as loan. If there has been a court case because of which the project could not take off, it is evident that the builder did not had the requisite permissions and/or proper title on the said land. You can send a legal notice to the developer for misrepresentation and fraud whereby the contract is vitiated and he is not eligible for deducting 15% of the money.
Answer #5
839 votes
Yes u can get ur money back. Firstly applied for cancellation by mail or speed post second legal remedy file ur case in Consumer Court, PLA Court, Civil Court for recovery of ur amount without cancellation with interst they will give ur money back.

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