Cancellation of allotment letter
s k iyengar
(Querist) 14 February 2012
This query is : Resolved
Dear Sir,
I purchased a flat in a Co-op Society in 2006 for Rs.10 lacs. In 2008 the society sent a notice asking for an escalation of around Rs.2.5 lacs which was disputed. I have paid my Rs. 10 lacs as per the original allotment letter. Now the society has sent a cancellation of allotment for my non-payment of the escalation of Rs. 2.5 lacs alongwith the interest accrued totalling to Rs. 5 lacs.
Pl advice me is this cancellation legally valid as it has only been passed by the managing committee.
If it is valid then do I get bet back my prinicpal (with or without interest?) or will the amount paid by me gets forfeited
The current market price is around Rs. 30 lacs. Who gets the benefit of the difference between the market price and the cost.
If the market prioce is less than Rs. 15 lacs can the Society send me a recovery notice from my personal assets?
Your clarification would be useful
Regards,
SK
