PVS Constructions Pvt Ltd Ghaziabad

RAHUL (Querist) 17 September 2009 This query is : Resolved
Flat Cancellation - Amount Refund
I have booked a flat from M/S PVS Constructions Pvt Ltd Bhopura Ghazaibad in their project Svaran Residency - 2 at Pre Launch when they had only the plot in Bhopura, Loni border, Ghazaibad, on which they would construct the Appartments.

Svaran Residency-2, Village Brahampur, Bhopura, Loni Ghaziabad with M/S PVS Constructions Limited Pvt. Ltd. (Registered office at Khasra No. 454/1 & 444/2, Village Brahampur, Bhopura, Loni, Ghaziabad) by paying the 10% of the basic cost of the property i.e. Rs 191,455/- on 28-03-2008. Later, on 30-08-2008, I paid Rs. 22,367/- in stages, bringing the total cash payment made by me to Rs. 2,13,822/- (amount of borrower’s margin as per the requirement of loan availed by me from ING Vysya Bank).
Agreement to sale was signed between M/S PVS Constructions Pvt Ltd and me on 29-08-2008 and the date of possession of the property was given as 31-12-2008 in the agreement.

Later in the month of Oct-Nov,2008 the Home Loan was Sanctioned and the Bank paid total Rs12,30,216/- in two installments of 726,578/- on 25-10-2008 and 503,638/- on 12-11-2008.

Bank started charging a Pre-EMI of approximately 11,500/- every month starting from Dec,2008.

I came to know about it much later, the bank had already denied any further payment to the builder and my sanctioned loan of 17,000,00 was never to be disbursed to the builder, and the construction of the property halted.

When I asked for the refund as I saw no possibility of getting my flat any time soon, the builder started avoiding me and being rude when confronted.

Finally after a continuous chase and followup of the builder, he gave me a committment on the letter head of the company PVS Constructions Pvt Ltd that he would pay me only the principal amount i.e. Rs 2,13,822/- paid by me and Rs Rs12,30,216/- paid by the ING Vysya Bank. He denied paying any interest on the principal paid by my that he kept for 18 months which would remain with him for almost 2 years if he keeps his promise and pays me in the promised period of next 6 months.

He also denied refunding the Pre-Emi paid by me which is Rs 1,14,375/- till date that would grow to amount to Rs 1,83,000/- in the next six months.

Even if the builder keeps his word and pays me in the next 6 months as agreed on his letter head, I still stand to lose Rs 1,83,000/- towards the Pre-Emi against the loan to the bank and almost 50,000/- as the interest on the principal paid by me.

I have also written to the ING Vysya Bank and they have written back to continue paying the Pre-EMI till the amount is returned to them by the builder.

I need the expert advise on getting the early refund of Principal, Pre-EMI, Interest on the 10% intial payment.riven

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Raj Kumar Makkad (Expert) 18 September 2009
Take the help of local lawyer, show him all the relevant papers and serve a notice to the builder and thereafter start litigation either in consumer forum or in civil court.riven