I had booked an under construction property in Oct 2007, I have got it registered and paid around 10 lakhs Rs. to builder from own sources.
From Sept, 2008 onwards I have not been paying builder as per the schedule entered in the agreement.In fact I have not paid the builder at all after Sept,2008 till date.
Default clause in the agreement is as below:
The Flat Purchaser hereby expressly agrees to pay the entire consideration in respect of the said Flat to the Promoter as per schedule given hereinbefore. Time is the essence of this agreement. In case if the Flat Purchaser fails to pay due instalments on the due date then the Flat Purchaser, shall be liable to pay damages in lieu of interest @ 9% p.a. In case, if the Flat Purchaser fails to pay due instalments towards consideration along with due amount towards damages, at the said agreed rate within a period of one month from the due date, the Promoter shall have a discretion to terminate this Agreement and to issue a notice to that effect to the Flat Purchaser. Upon termination of this Agreement by the Promoter, the Flat Purchaser shall cease to have any right or interest, in respect of the said Flat, in any manner. After termination of this Agreement, the Promoter shall be absolutely entitled to sell the said Flat to any person, and the Flat Purchaser shall not raise any objection for the same. Upon sale of the said Flat by the Promoter to any prospective Flat Purchaser, simultaneously, the Flat Purchaser herein, shall execute Deed of Cancellation in favour of the Promoter in order to cancel this Agreement and upon execution of Deed of Cancellation, the Promoter shall refund the entire amount received from Flat Purchaser herein, towards consideration from time to time and the said amount of refund shall not carry any interest.
Builder has not yet sent me the termination letter,I have requested him to waive of interest penalty but there is no response from builder.
In case I refuse to pay interest and builder doesn't terminate the agreement can my money get stuck forever?
