Builders delay the project & asking interest & penal interest

Simran (Querist) 20 July 2013 This query is : Resolved
Dear Sir/Ma'am,

I have booked a flat under a pre-launch project in the year 2007.I have paid 9 installment on time but after that their was no progress seen, so I inquired about it from my sources & their was some doubtful information about the project.
As I had already paid 2/3rd of the payment I don't want to further put my money on this project.The builders promise to deliver the project in 2010 but now in 2013 the work has been completed & I visited them to clear the amount & my due amount is just 15 lac but they are asking me 25
lac (10 lac as a part of interest & penal Interest).
The project got delayed from their side instead of this I am ready to Pay Interest part but not the Penal interest but they are not ready to give any kind of consideration.
Please Guide
Regards
Simran Madan

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ajay sethi (Expert) 20 July 2013
has the agreement been signed by you with the builder? what are the terms of agreement as to date of possession , levy of interest?

Rajendra K Goyal (Expert) 20 July 2013
Terms and conditions of the agreement are to be seen. If against the terms, adopt the legal path.

prabhakar singh (Expert) 20 July 2013
You can file consumer complaint case post serving notice of demand depending upon the terms of agreement entered into with builder
for which better visit a near by lawyer practicing such cases.

R.K Nanda (Expert) 20 July 2013
nothing to add.

Raj Kumar Makkad (Expert) 25 July 2013
If builder is at fault then he is liable to compensate you. Every investor is entitled to get the possession of his property within the given time so file consumer complaint in the given facts.

Guest (Expert) 25 July 2013
All depends upon what are the terms of your agreement. In most cases, pre-launch should be taken as a type of fraund likely to be committed on the investors, where the investors are not able to reach some definite terms of agreement before applying for the plot/flat.

Sudhir Kumar, Advocate (Expert) 25 July 2013
agreed with Mr Dhingra

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