I have booked a 1 BHK flat flat of 748 S.Ft. @ 3500 Rs /SFt in a under construction building near Kandivali station, high way touch next to Kandivali Big Bazaar.
The complete price is 28 lakhs .I have done advance payment of Rs 11 lakhs on 27-7-07, against flat allotment letter. (3lakhs by cheque + 8 lakhs by cash)
At that time builder told us he is going to do agreement with in next 3 months. But till today its not been done due to pending building municipal approval as per builder. In this 1.5 year span he has completed only the basement work.
Few days back from my contacts I got the confirm news that builder is now planning to construct a commercial building in place of my residential building.
My agent told me to do a meeting with builder asks him to do “BUY BACK” for my flat. Please let me know what rate should I ask from builder?
Its more than 1.5 year. If he had stated the construction at that time, by this time my flat was in my hand.
I am planning to ask builder to do the BUY BACK for 7000 Rs/S.ft. Is it right???
In that case I will get doubly money. This is the current rate in that area.
Please let me know if builder say no to BUY BACK as per my demand than what are my chances. Any legal way? Please help.
Payday Loan
January 18th, 2009 at 9:09 am
You should get your money back, adjusted for inflation. Yes, you should be able to take him to court. In this global cash crunch, He will fight you for the double. Legally, it might take longer to get relief. Time is money, get your money back now, plus any interest he might be willing to pay. Then if not, take him to court. You must be made whole. Oh wait, maybe you can take an interest in the commercial building, you have a claim on 748 square feet. Talk to a legal professional and see what claims you may have. That might be the best idea yet. Tell him to make you a partner. Just make sure you have a claim. Just imagine if he nets, say 50000 a month, and you have 3% then that would pay you, 1500 a month for as long as he owns the building.
January 21st, 2009 at 3:16 pm
do you have a valid receipt for the cash portion of Rs. 8 lakhs?
if you are afford to, then you better opt for a 748 sq.ft of the building even if it is commercial. pay the stage payments according to progress. after taking possession at the end you better sell it to a third party, you can make good profit.
September 12th, 2010 at 3:33 am
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