Delay in possession of under-construction property and non-repayment of compensation amount

I, Ranjani Singh along with my younger brother, Rajesh Kumar Ranjan have purchased an under-construction property (Flat of 744 sq. feet area, addressed “Flat No. A, 4th Floor, Maya Suits, Reckjoani Hospital Road, Kolkata, West Bengal-700135” through your Company “Realtech Nirman Private Limited” having its registered office at T-68, Teghoria Main Road, Post Office Hatiara, Police Station Baguiati, Kolkata-700157(Pan-AADCR6464K).

Cost of the Flat including independent parking is Rs. 29,09,200/- out of which Rs. 26,03,734/- has already been paid to your company, summary of payments are as below:-

10 % Down Payment : Rs. 2,90,920/-

4.5% Service Charge : Rs. 1,30,914/-

75% Paid thorough SBI Home Loan : Rs. 21,81,900/-

At the time of Sale Agreement which was signed on 26.06.2018, your company was very sure that the property will be ready by the end of March, 2018 and will be handed over soon after and had raised an invoice of Rs. 21,81,900/- dated 11th Jan, 2018 (which was balance of 85% of the total cost) on the completion of Foundation Casting, payment for the above amount was soon released by the bank.

After the payment of 85% was done, progress of the project became extremely sluggish with almost no considerable progress(only walls have been raised) has been observed. Which may be treated as close to NIL progress in the last One year.

Since the project time line has ended in the month of Dec,2018 (including 6 months of extension) and completion of the project appearing no-where near, we have requested the developers to claim our part because of the delay. But in spite of multiple follow ups/ visits still we haven’t got any positive response in this regard.

As per Clause No. 12.3 of the service agreement : “Breach of Sellers’ Covenants: Without prejudice to the provisions of Clause 9.5 above, in the event the Sellers fail and/or neglect to perform any of the Sellers’ Covenants, this Agreement shall, at the option of the Buyers, stand cancelled and/or rescinded, upon which the Developer shall refund to the Buyers all payments received till that date, with interest @ 12% (twelve percent) per annum, from the date of payment to the date of refund. If the Buyers opts not to cancel this Agreement, then also the Developer shall pay to the Buyers interest @ 12% (twelve percent) per annum, for the entire period of delay.”

In view of the above, we sent an official email to claim an amount Rs. 26,037/- on monthly basis {@12% (twelve percent) per annum on paid amount of Rs. 26,03,734/-, for the entire period of delay starting from the month of Jan, 2018 till the property is handed over to us} for the loss that we have to bear because of the project delay.

Calculations for the same is as below:-

Amount Paid by us : Rs. 26,03,734/-

12% yearly interest on paid amount : Rs. 3,12,448/- (= 26,03,734 * 0.12)

Monthly part of the interest : Rs. 26,037/- (= 3,12,448 / 12 months

Please give us your concurrence/affirmation as ‘the Seller’ for paying Rs. 26,037/-by the end of each month till the property is handed over to us (the buyers) as compensation for the delay as per clause 12.3 of the Sale Agreement.

We even negotiated with them to bear rent of my current rented flat but still they aren’t providing any proper update on that.

Looking for the best possible positive reply.

Thanks and with Regards,

Ranjani Singh( +91 8697874090)

Rajesh Kumar Ranjan

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