Legal Question in Real Estate Law in India

17.07.2013

Dear Sir / Madam,

A "flexi-plan" in real estate dealings works both ways and is continuously negotiated and agreed upon by both the parties. 40% amount was to be paid by you to the builder in December, 2010 which you failed to pay then. Once you have booked the flat and paid 10% booking amount, if you noticed that the builder is dilly-dallying signing of the Agreement in December, 2010 when the next 40% amount became due and payable, you should have cancelled the booking there and then, and asked the builder for a refund. Why did you not do that ? Probably, you were very impressed by the landscape, project layout, plans, etc., of Supertech Oxford that the builder showed you.

My answer is simple. Better late than never. If you are still keen to have your apartment in Supertech Oxford, having just signed the Agreement with the builder, you should negotiate and reduce the interest amount demanded by the builder before paying the next 40% amount, and firm up further terms and conditions regarding how and when you will pay the balance 50% payment - on date of project completion and date of occupation to be specifically agreed upon, rate of interest (on 50%) that the builder will pay you if he fails to meet agreed project commitments and deadlines. If you are no longer keen, and as you say that other surrounding issues have cropped up, back out and request the builder for an appropriate refund of the 10% booking amount paid, if possible.

Regards,