i got into an agreement with the builder on april 8th 2010 for 45 days that i will repay the amount by loan within the 45 days unfortunately the bank applied rejected my loan and now i have reapplied in another bank.
when i informed the same to my builder he is giving me a deadline and if i am not able to register the property under my name on the given deadline he says he will deduct 1 lakh from the advance i paid him and return the advance. can he do this? If he can deduct the advance what is the minimum and maximum amount i can loose? is this only a threat by the builder to move fast? i have paid him 6 lakhs as advance..pls advice..
If there is a specific clause that ifu fail to pay the balance consideration by the time contemplated in the agreement, Builder can forefit a part of amount or the whole amount then certainly he can forefit that amount. Contents of the agreement are required to be verified. Wish u read the agreement properly before signing it. Such tactics are common as expecting u to buy the flat, he may hv lost out on other customers.