Vivek Singh (Project Manager) 13 May 2010

Delay in construction - want money back

I have booked at flat at Ghaziabad with Nitishree Builder, Noida. Builder promissed to give flat in April-2009. But they failed deliver even in Apr-2010. Based on current situation of the project, I have not faith left in the builder.

Please advise, how I can get my money (Principal Amount + Intrest back from builder so that I can get away from my mistake booking flat with Nitishree Builder at Zero profit and Loss.

What will be the consiquences, if I stop paying back loan to bank.

Regards,
Vivek Singh

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1 Replies

srikanth kumar bandari (advocate) 14 May 2010

Mr Vivek Singh, First issue a legal notice through your advocate for recovery of Principal amount + interst+ damages etc., by stating as you said in query and then file a Case in Consumer Forum, I do not know whether Consumer Forum is there in Ghaziabad or not, it is speedy redressal when compared to Civil Courts, and as far as consequences of bank loan is concerned, if you stop making payment, definetly bank will take legal steps, like 138 of N.I.ACT, etc., against you as you might have already issued PDC'S in favor of Bank, in my opinion it is better to intimate bank by way of letter stating that you have taken legal steps against the builder. or reschedule the loan and close the loan account before taking any steps consult your nearest advocate and discuss your issue.