Mumbai: An agreement has been executed for builders which state that either free them of the liability to pay interest or return payment of agreed interest if they delay the project.
Case Study: a home buyer named Dr. Ambuj Choudhary had booked a flat in Omaxe Parkwood in Himachal Pradesh which was constructed by Omaxe builders. Base price was Rs 16,94,550 and possession time was after 18 months. Mr. Choudhary paid 3 lakh as deposit in 2016.
Construction was delayed due to necessary approvals had not been obtained from the authorities. In March 2009, a formal letter was presented for sale of flat. Mr. Choudhary paid full amount with time to time installments through a housing loan from IDBI. But the construction did not begin Mr. Choudhary sent letters and legal notices, but the builder did not respond….Read More