COURSE OF LAW?

CHAUHANMA (Querist) 21 October 2010 This query is : Resolved
"A" had booked a house with a Builder of Housing Scheme 25 years ago with a total price of Rs.50,000 (inclusive of a loan of Rs.33,000 by a government loan giving agency), and had paid on time about 95% price of the house, 5% was to be paid by "A" at the time of possession. "A" was always ready to make balance payment but the Builder neither accepted the balance payment nor ready to issue possession letter. "A" had also paid 100% amount of loan giving (Government) agency and received back all the original title documents with Redemption Deed of said house. Present market price of the said house, after laps a period of 25 years the current market price of the house is about Rs.5 to 6 lac. Now Builder said to "A" either take Rs.2 lac of your house and give up it or you pay me Rs.2 lac (instead of Rs.1700/= i.e. balance amount payable by "A" ). What do you advise, what course of action should be adopted by "A". A suit for declaration / possession /damages/compensation to be instituted?

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Devajyoti Barman (Expert) 21 October 2010
I think a suit for specific performance of contract would do complete justice to the purchaser. However the wait for so many years would not make any good to the purchaser.

Sathyan A.R. (Expert) 22 October 2010
first of all i need to know the date of cause of action arose to reckon the limitation date. Secondly why the redemption deed was done. Further you should have approached consumer court against the breach of contact which would have been fast result yielding court.
I have my own apprehension in the circumstnces. Since you say the current price of the property is 5 or 6lkahs and the builder is ready to pay you Rs.2 lakh i thing it will prudent to take the money and give up your claim
it will be better than chasing court cases.
A.R.Sathyan

adv. rajeev ( rajoo ) (Expert) 22 October 2010
If you filed a suit for specific performance of contract, it will be barred by limitation. It is 25 years old transaction, what you were during all the years.

Advocate. Arunagiri (Expert) 22 October 2010
On what date you have made the final payment to the builder?
What are the documents you have having in originals (received back from the financial Institution)?
without the sale deed how the FI had extended loan to you?
Please give details for the above, so that you can get a suitable reply.