I bought a property in India. The builder promised possession within 24 months, but I fell behind on my payments. Now, I’m ready to clear the missed payments with interest, but the construction isn’t finished. Do I still have to pay the interest, even though the builder hasn’t fulfilled his end of the deal?

Apni Law
Apni Law
Law Forum › Category: Consumer Court › I bought a property in India. The builder promised possession within 24 months, but I fell behind on my payments. Now, I’m ready to clear the missed payments with interest, but the construction isn’t finished. Do I still have to pay the interest, even though the builder hasn’t fulfilled his end of the deal?
Vote Up
314
Vote Down
Apni Law Staff asked 1 year ago

I bought a property in India. The builder promised possession within 24 months, but I fell behind on my payments. Now, I’m ready to clear the missed payments with interest, but the construction isn’t finished. Do I still have to pay the interest, even though the builder hasn’t fulfilled his end of the deal?

1 Answers
Vote Up
33
Vote Down

Best Answer

Apni Law Staff answered 1 year ago

Under Indian law, you are likely obligated to pay interest on delayed payments, even if the builder hasn’t completed construction on time. However, you can negotiate with the builder to waive or reduce the interest, or seek legal recourse for the builder’s breach of contract.

You Might Also Like

My builder promised to hand over my flat 3 years ago, but they’re only doing it now! They’re charging a 24% delay penalty, but offering a measly 5 rupees per square foot for the inconvenience. What should I do?

My phone fell and broke while I was on the Metro. It happened when a group of people got off the train, their loud voices startled me, and the phone slipped from my hand. My Syska Gadget Secure insurance denied my claim saying it doesn’t meet their criteria, even though I explained the whole situation. Is this fair, considering the accident was caused by an unexpected event?

I’m thinking of bringing a cool toy idea from the US to Indian kids. It’s a simple puzzle where they can build different things. I’m not sure if the US designer has any protection on it, like a patent. What legal trouble could I get into later on? Is there anything I can do now to avoid any problems with the US company claiming copyright or patents?

I recently got some public documents using the Right to Information (RTI) Act. They’re stamped “UNDER RTI ACT”. Can I use these documents in consumer forums? Also, what’s the difference between a “Certified Copy” and a document stamped “UNDER RTI”?

My case was won at the State Consumer Forum, but the other party has appealed it to the National Consumer Forum. What are my next steps and options?

Share This Article
Previous Article My college hasn’t returned my security deposit of ₹5,000 even though I graduated in July 2015. It’s been two years, and they keep saying it’s “in process.” What legal steps can I take, as a former student, to get my money back? I’m not the only one in my batch facing this issue.
Next Article My sister got married in June 2014. Tragically, her husband passed away unexpectedly eight months later. Since then, she has been deeply distressed, and unfortunately, took her own life when her baby was only a year and four months old. As her father-in-law has no other sons, we want to seek custody of her baby. What legal steps should we take?

Follow US

Find US on Social Medias
Popular News
- Advertisement -
- Advertisement -
Ad imageAd image

📢 Stay Connected!

Join our community on Telegram and WhatsApp for instant updates, news, and exclusive offers.