Arun Jaiswal 26 March 2019

Property Registration Delay after getting payment

Hi All, I bought an apartment with a renowned group in Bangalore in April 2018 and booked with 10 percent advance.was promised a completion by Sep,18.Their sales team kept chasing for payment and I made over 95 percent of the payment..they Got OC and offered me posession by August, while I was asking for property registration.. They kept promising a timely resolution and completion, however registration is not yet commenced..now they keep mentioning government guidelines not available.. Is it legal to take possession before registration and is it legal to Sell and get payment without government guidelines?I am an expatriate ,bought this based commitments to complete by Sep,now they are saying that handover and possession was ready on time..I have to change my plan to move to Bangalore due to this delay.. Can anyone please guide me wit this situation?? Regards,

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3 Replies

(Guest)

You have remedy through RERA, consumer forum and Insolvency.
I believe insolvency is most efficient under these kinda situation. If they are not able to complete project on time there must be some clause in your agreement regarding cancellation of agreement and getting your amount back or/and assured return.
Go through insolvency it is faster than other method

Satyam
satyammishra181@gmail.com

Arun Jaiswal 27 March 2019

Hi , They are saying registration delay due to government issues..OC and possession was available on time..??When I ask for compensation and date for registration, they said due to audit issues they can't offer any discount..when I asked for cancellation, they keep asking to go to this person or that team and so on...?? Please guide me and how do I file an insolvency?

(Guest)

Builder/seller is supposed to provide cc, oc and registration before the completion date(assuming there is no extension date in agreement). If they are not able to do so buyer can ask his money back with/without interest.

Now due to recent judgement, home-buyers are financial creditor, and in laymen language insolvency provision says, repay the money of creditor or tribunal will declare you insolvent and recover the amount from company's asset.

So try to find an insolvency lawyer in your city he/she will draft and argue your case in NCLT, or I can help you find one if you don't know any lawyer who practice in that area

Satyam
satyammishra181@gmail.com