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Vijay Kumar   19 August 2021

Refund property amount paid to ivc project

Hi All, As we booked the site in IVC telcom city near thindlu circle on an installment basis every 6 months, We paid amount Rs 4,80,000/- for threee installment total Rs 14,40,000/- they told us that they will hand over the layout within three years, but till date no development has been made even they are not showing us the legal property papers about their progress, kindly help me,will I get the refund amount paid with an interest, please let me know the procedure,how to procees ahead


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 4 Replies

G.L.N. Prasad (Retired employee.)     20 August 2021

First issue a legal notice demanding refund of such amounts, as the developer failed to show any progress in his activity.  The concerned advocate studies the offer letter, agreement given, amounts paid, etc, and prepares such notice.  This is the first priority.

Search in google about the status of the developer and try to make a group of such victims by contacting them.

It is very difficult to fight against mighty developers and builders and the expenses will be on the higher side.  Only when they form as a group, the task can be entrusted to a competent Advocate for further follow-up and recovery..  This is a big task and because a huge investment is locked up with such a company, you have to work hard for recovery through investigation on the affairs of the company, approvals, permissions, title of the developer etc.

P. Venu (Advocate)     20 August 2021

First of all, serve a legal notice and ascertain the present status. If no statutory notice, bring the matters before RERA. Collective efforts would make the task much easy.

Vijay Kumar   20 August 2021

Thank you sir,for your valuable suggestions,we will look ahead for this matter,and will try to investigate the situation by further investigation officers.

G.L.N. Prasad (Retired employee.)     20 August 2021

If you could form as a group, you can entrust the case to a private detective agency and the fees can be shared between the present members   The investigation by regular employees not exposed to the frauds is time-consuming and delay the process.


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