Hi,
In year 2010(July),I had entered into an agreement with a Developer in Kolkata for purchasing 3 kottahs(around 2100 sqft) of Land in a Gated community which the builder was suppose to develop.
As per the agreement,I had to pay 20% of the total amount as advance(Down payment) and the rest in 48 months installment.The builder was suppose to develop the above mentioned land over a period of 4 years and was required to construct Road,Drainage,Electricity etc. over this 4 year period and handover the Land within the period of 4 years.
I had paid the advance amount and also started paying my instalments on regular basis but their was no progress on the construction of the said property whatsoever. The builder was constantly delaying the development work giving excuses and finally I came to know the project has gone into legal dispute with Government as the land which was suppose to be developed came under Wetland.
The builder kept on delaying the work,so after paying my instalments for around 2 years(Total around Rs. 10 lakh),I decided to stop the payments since there was no progress on the project and there was no sign of anything happening as well.
Every time the builder gave us assurance that he is going to win the legal case and construction would start soon but that did not happen so far and the 4 years term got over.
So finally, I decided to ask for refund in the month of August 2014.The builder did not act on my written request for refund for last 4 months and finally after chasing him for sometime he is now ready to give back the money after deducting 25%(of the amount paid so far) that too in seven instalments.
There were various clause in the agreement regarding cancellation charges and interest but as per my understanding of the agreement I think those clauses should not hold anymore coz the builder failed to complete the project.
I am attaching herewith the said agreement for your reference.Request you to kindly guide me if the builder has the right to deduct my money as per the attached agreement (special attention to clause 4,8,9,10,21).
If not,what legal course of action can I take to get back my full money at the earliest.
Please note,I had delayed the payments of some of my instalments before stopping it completely for which the builder never sent any notice nor did he asked for any interest.
Also I am just asking for refunding the entire amount which I have paid without interest.
Regards
Deepak Soni