Hi,
I booked a 2 BHK flat in Feb 2014 in a G+3 project in Sarjapur Bangalore. I have paid 20% amount to builder in March.
I got 80% of home loan from SBI. SBI released 60% of sanctioned home loan to builder in July 2014.
Now in August end , I came to know that Joint Development Agreement between Builder and Land Owner has been cancelled and construction is totally stopped for last one month. Currently only 60% of construction has been completed.
There are more that 70 people who booked the flat in this project and we all had meeting with Builder CEO 15 days back.
Builder told us that JDA was cancelled with mutual agreement with landowner. Builder will buyback all the 30% share of Landowner flat. Builder will arrange the money to pay back to Landowner.Builder asked us to wait for 15 more days. But now builder is asking for more time from flat owners
What should be our next step. Please note that
1- Builder did not inform us about JDA cancellation. We came to know of this from email from Land Owner Lawyer. JDA was cancelled in July though I am not sure of exact time.
2- Builder informed us about JDA cancellation only after we inquired about above email.
3- As per builder since project got delayed , land owner were demanding money for his share of flats and hence cancelled the JDA with mutual agreement.
4- Builder did not consult us before cancellation. is that legal ?
5- Project is around 60% complete but now construction is totally stopped for last one month.
6- It is 180 flat project. 117 flat are with builder while rest 63 flat own by Land Owner.
7- As per builder , he will buy all these 63 flat from land owner
8- As per builder he is arranging money from various bank . As of now he has not been able to do so.
9- What we understand from meeting with Builder that he has paid only 9% of money to landowner . He has yet to pay more than 90% of money.
10- My flat comes under Builder share and like me there are more than 70 people.
What should be our ( all 70 flat owner ) next step .
Should we hire a lawyer ? Should we go to consume court?
In case of Builder is not able to buy Landowner share , what should be done to resume the construction on time ?
Is it possible to cancel the flat ? Will we get our complete money back ?
My home loan got sanctioned from SBI. Can SBI help us in this case ?
Almost all of us are paying rent + Home Loan EMI and delay in project construction is causing lot of monetary loss as well as mental trauma.
-- Project Started // Dec 2011
-- I booked my flat // Feb 2014
-- Amount already paid to builder // 80% ( 20% self+ 60 % Bank )
-- Promised date for possession of my flat // Dec 2014.
My apology for such a lengthy email , but I don't know what to do now. Need your valuable input.
Thanks & Regards
Prt
