Question: I have booked a flat for Rs. 51000 in Badlapur, Maharashtra. The price of that 1 bhk is 28 lakhs. I am buying that property without a home loan. The builder said you will get possession till the end of July 2022. But the housing website is showing June 2023 possession. Can you help me step by step procedure to buy this property with agreements and when should I pay my last cheque?
Asked from: Maharashtra
Currently the project is lagging behind the schedule. Hence, you should send a legal notice to the builder to extend the timing or schedule of payments in accordance with the delay in the completion of the project.
You should try to make payment on the compilation of certain stages of construction within the agreed time limit. In the agreement, specifically mention the timing of payment and completion of construction work. You should pay the last cheque at the time of taking possession or execution of the sale deed.
You should enter into an agreement to sell with the builder. That agreement must be either registered or notarised in the presence of two attesting witnesses on rupees hundred stamp paper. Mention all the terms and conditions in that agreement regarding the timing of payment and completion of construction work.
The agreement must contain an indemnity clause which will be applicable in case the builder fails to perform his promise. According to that indemnity clause (as would be incorporated in the agreement) the builder should promise to refund the entire amount with interest if he fails to perform his part under the agreement i.e. accomplishment of the construction work as per the schedule.