we are an association of nearly a 100 buyers into a real estate project. it is an IT office space, unlock able in manesar. we were assured 12 % returns till possession and another 12 % as first lease return ( of 3 years). it was told a commercial lease is of 9 years and the first ease of 3 years is likely to be extended by another 6 years bringing our total returns to 12 % x 6 assured years = 72 %.
we booked in 2010 hoping for 6 years assured returns and a further 6 years lease by extension.
in 2011 the builder forced possession on us thus terminating the first part of return in 1 year itself instead of the expected 3 years. the building is not ready even today.
in 2013 the builder asked further sum of 9 lacs per 1000 sq ft on false pretext. when challenged - he kept quiet. this amount is equal to the returns he owes us for balance period.
now for the remaining returns he wants us to sign a paper reiterating that we have accepted possession. this he is doing in the guise of wanting rtgs details for direct transfer of returns.
so the crimes he has committed are:
giving possession when building not ready. thus curtailing expected 3 years returns to just 1 year.
demanding unjustified additional 9 lacs per 1000 sq ft (equal to balance amount owed by him).
not putting building on lease but giving us supposed lease returns.
we are afraid after oct 2014 we will end up paying huge maintenance charges since no chance of leasing due to hard economic conditions.
in sale agreement he has shown us as first lessees and not owners. now he wants this lease agreement to be registered.
in sale agreement he has said no allottee may ask for cancellation of allotment.
now we want to exit this project. pl advise how?
we also need an expert lawyer to represent us.
