shaili 11 February 2015

Want to get my down payment back from the investor

Hi,

We paid 40% of down payment for booking a flat. It was assured by builder at the time of booking that, if in case we want to discontinue with him, he will refund our money back within 1 month and will pay us the amt after deducting 10% of it. We have not signed our agreement yet, as we wanted to close the lawyer verification part 1st. Now, during this verification we found that, there are lot many disputes going on with the land and builder can't start its construction due to non receipt of approval from different govt departments. Looking at this matter, we have decided to cancel the booking and get the money back since the agreement is not yet done.

But he is now saying that, getting the amt back will take min 1 year and that is not a good option too. He is suggesting us to get the registration done and go for reselling internally.

Need a humble advice on how to come out of this problem.

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4 Replies

Jayashree Hariharan (Advocate) 11 February 2015

Assuming it is token advance taken by builders usually, you can approach the consumer court. Kindly approach the consumer forum in your place and file a case.

Kappil Cchandna (Expert Bail & Criminal Defence Lawyer at Delhi Supreme Court of India) 12 February 2015

Dear, Make sure you collect the evidences of the builder regarding the earlier terms which he is denying and then send a legal notice for recovery of your money .... If still he fails to release the amount drag him to the court and get your total amount back .... Hope you have paid money via bank or cheque for future records ...... Kapil Chandna Adv 9899011450

shaili 12 February 2015

Dear All, Thanks for your responses. Unfortunately, I don't have any proof for the earlier terms which he comited to us, but in our last meeting we asked him specifically, and he couldn't deny that, he comited this at that time. Now he is saying that, the terms are changed so only new clause will be followed. But, we have recorded all the discussions held in our meeting. Will this record clip work as a proof?

T. Kalaiselvan, Advocate (Advocate) 13 February 2015

You should demand him to refund the amount paid and if that fails to invoke any response, you may issue a legal demand notice followed by suit for recovery of money paid.