The cooperative bank has granted a mortgage loan to an individual without the presence of a completion certificate from the municipal corporation. As the completion certificate has not been issued, there is a risk that the bank may lose its claim on the property....
real estate
Builder not obeying buy back clause of sale agreement
I have purchased property with Maangalya Builder from Bangalore in September 2018 with Buy back agreement stating 100% ROI in the period of 18 months under subvention scheme. After payment of almost 90% cost the builder not obeying buy back clause of sale agreement. The property cost was 6188520 without registration. And I paid 10% which is 618852. And financed about 54 lakhs of loan via HDFC out of which 51 lakhs have been disbursed based on demand letter. As it was subvention scheme, I was not expected to pay PEMI. Following documents i have received from Builder in above regards:- 1. Receipt of Booking amount. 2. Allotment letter of unit. 3. Sale agreement 4. Supplementary Agreement which contains buyback date and return. 5. Tri Party agreement between Builder buyer and Bank.
The tenure got over in March 2020, but till date (March 2022) Builder has not executed the buyback agreement and not refunded any amount. Moreover I was forced to pay PEMI from September 2020 till date to keep my credit rating not getting impacted. I have done several follow ups with the builder for buy back and the return of the amount + agreed committed profit + PEMI paid by me till date, but there is no response from the builder.
Please let me know my options, if consumer court + RERA could be an option, if I proceed legally. I am looking for the following:- 1. Stopping PEMI without affecting my credit rating. 2. Return of Original Booking amount 618852 3. 100% committed profit of 618852 4. PEMI return which is approximately around 600000 4. Loan closure 5. Penalty compensation from Builder for not honouring the agreement for 2 years already.