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Recovery suit against developer
14-May-2023 (In Property Law)
I had entered into a JV with a developer for developing my land in Chennai into flats. Though completed and taken delivery, there was a huge delay but at the time of handover, the developer gave a letter stating a compensation amount and also that this amount will be adjusted if I buy a new property from him. As I did not have option to recover the compensation amount, I agreed. Now, the developer is not able to go ahead with his new project due to financial constraint, can I file a recovery suit to get the compensation amount due to me from the builder?
Good evening
Definitely you can file recovery suit against the builder
Before that you should give legal notice to him stating the actual facts
Some matters may settle during this legal notice period
If you want further assistance please call me
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Adv. Sumathi Lokesh
Chennai | 50+ Answers
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You can file a case and send legal notice to the builder for delay in possession under the RERA Act, 2016 or transfer their case from a CDRC to the State Real Estate Regulatory Authority. According to this Act, a builder will have to pay 10% interest on the value of the property for delayed possession of flats.
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Adv. Raghuraman Balaji
Chennai | 900+ Answers
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