I a similar but different situation. Let me describe the same.
I bought one flat on Oct-2012, it was near completion that time and I paid a higher rate to the builder as demanded that time citing the reason that it would be delivered very soon. I have "Agreement of Sales" on stamp paper. As per the clause there the builder was supposed to deliver the flat by 31-Dec-2012, failing which the builder would get additional 6 months of grace period. So as per the clause in the "Agreement of Sales" the builder was supposed to deliver the flat by 30-June-2013 and any delay thereafter the builder would pay me Rs. 5 per sq ft per month of delay, which is substantially low compared to the price of the apartment. Now I have paid nearly 80% of the amount to the builder, but didn't get any communication thereafter. having a loan against this property and my banker is asking for the final sales deed to be submitted as the date of handover is overdue as per the Sales agreement. The banker is assuming that I have already registered the deed in my favour.
In this situation as expected I am totally unhappy with the builder and as my requirement is to get an ready to move in apartment and not a compensation for the delay. I am ready to opt out of the said booking in case I get a refund of the entire amount with interest which should not be lower than 12% as that is the rate of interest I have paid to my banker over the years.
I want to know that though there is only one clause of compensation in the agreement, is there any law as per any Consumer Protection Act or the Flat Act or any such act in place which entitles me to demand the refund of entire amount paid so far (including the government taxes paid) with interest not less than 12% from the builder along with cancellation of my booking?
Thanking you.
Raman.
