Non payment of assured returns by developers.
amit sharma
(Querist) 01 October 2013
This query is : Resolved
Dear Sir,
Kindly suggest what legal remedies are available as :
We had bought a commercial space in under construction commercial center. We have paid the 95% of the amount, on the agreement executed for the payment of assured return to us.
1.The developers have stopped paying assured returns to us. We have a memorandum of Association executed with the developer in which it is clearly mentioned that developer will pay us assured return till possession.
2. The developers are make excuses for not paying assured returns like they are planning to give early possession and they are running short of fund.
I have written email to them on several occasions and told them to pay us assured returns or adjust the amount which we as a customer, have to pay at the time of possession.
They have given verbal promises but I have doubts on their credibility. It would be hard to believe verbal promises when they are not honoring written agreements.
Kindly suggest.
ajay sethi
(Expert) 02 October 2013
contact a local lawyer . you can afford legal fees .
builders are facing liquidity crunch as hardly any sales are taking place these days . issue legal notice to builder as per your agreement
Raj Kumar Makkad
(Expert) 02 October 2013
You can file consumer complaint if you dont receive any response to your legal notice.
