After a trial stay at Melur Meadows Retirement, near Mettupalayam, I became interested in leasing an unfurnished flat for three years.
Directors were in financial difficulties. For future good will, I paid them 15.75 Lacs, full amount for the lease. That was in January 2016
However, after studying the lease, and due to difficulties in furnishing the flat, I decided not to proceed.
Directors agreed to refund. But already broke two promises to refund. Now they are giving me all sorts of excuses.
One of reasons was that they are in a dispute with DTCP (Department of Town and Country Planning).
So can't sell any of the 25 remaining flats; They can only lease the flats but have not found anyone else.
I requested them to pay me a small interest on the 15.75 lacs, till they are able to pay.
But they have not agreed. I am 71 years old and can not afford to lose 15.75 lacs.
Where do I stand in Law? Since this is about lease on a property (real estate), is it mandatory to have a written agreement in place?
I tried for many months. Was patient and understanding. But now suspect that they have no intention to retun my money.
Please advice. Thank you