Irregularity in the tri-party agreement between Buyer, Builder and Bank
I purchased flat from Zuary Garden city mysore. Project is under construction. We had tri party agreement with builder, bank and me. I opted sub vention 10:80: 10 scheme. Which means initially 10% I have invest and finally at the time of completion and hand over I have to make remaining 10%. 80% will come from the bank. Initially builder promised that he will pay the bank loan interest. Communicated through email. But in the agreement copy fraudulently mentioned that builder will pay interest for 36 months or till June 2017 whichever is earlier. Now I am paying the bank interest from July. I want builder to pay the interest till competition. Moreover project completion will be delayed by one more year. Initial promise was end of June 2018.
The contract will have a process for termination of the contract, you can initate the same and terminate the contract. Or you can file a suit before the Consumer Forum using the communication made via mail to show that the Builder is cheating you.
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