My family and I booked a flat in Bangalore, putting down a payment of 6 lakhs and securing a loan of 20 lakhs. Unfortunately, the builder seems to have misused these funds for personal reasons and has been hospitalized after a suicide attempt. While the apartment is 70% complete, I’ve learned that my flat was already sold to a financial institution through a registered agreement. How can I recover my hard-earned money from this builder?

Apni Law
Apni Law
Law Forum › Category: Consumer Court › My family and I booked a flat in Bangalore, putting down a payment of 6 lakhs and securing a loan of 20 lakhs. Unfortunately, the builder seems to have misused these funds for personal reasons and has been hospitalized after a suicide attempt. While the apartment is 70% complete, I’ve learned that my flat was already sold to a financial institution through a registered agreement. How can I recover my hard-earned money from this builder?
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Apni Law Staff asked 8 months ago

My family and I booked a flat in Bangalore, putting down a payment of 6 lakhs and securing a loan of 20 lakhs. Unfortunately, the builder seems to have misused these funds for personal reasons and has been hospitalized after a suicide attempt. While the apartment is 70% complete, I’ve learned that my flat was already sold to a financial institution through a registered agreement. How can I recover my hard-earned money from this builder?

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Best Answer

Apni Law Staff answered 8 months ago

Based on Indian law, you have a strong claim for recovery of your money. You can file a complaint with the Karnataka Real Estate Regulatory Authority (K-RERA) and initiate legal proceedings against the builder for misappropriation of funds and breach of contract. You can also seek compensation for the financial loss you have suffered.

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