First and foremost if you have brought a property under subvention plan from Amaatra kindly check with the builder if there is any interest that has been accumulated so far because of delay of payment from the financer. The builder will not tell you about this now but by the time you reach possession they will charge you very a very heavy amount because of this reason.
My case is a clear case of Fraud where I brought this property under 10:80:10 subvention plan where in I paid 10 percent at the time of booking and I was told that till possession I am not supposed to pay EMI or any other amount whatsoever. However to my surprise the builder started asking me to pay an amount of Rs. 2, 50, 000 during the subvention period stating that the property was undervalued by the financer because of which I have to pay the difference amount.
I went into the details of this new development and found out that the builder and the financer have signed an agreement(MOU- Memorandum of understanding) wherein the financer would only fund 80% of the market value of the project and not thee amount at which Amaatra is selling the property because of which a difference amount was raised and I am asked to pay for it.
Since I had brought the property under 10:80:10 plan I refused to pay any amount to the builder during the subvention period as it is beyond the terms and conditions which were laid down during getting into this agreement.
Now I have decided to cancel my unit because of the wrong commitments and the fraudulent means that the builder has chosen to sell the unit and I am asking them to return the money which I have paid them so far. The builder is putting clauses for deducting amount which I have already paid to them.
My simple question here is:
1) If the property was sold at 10:80:10 subvention plan does the builder have the right to ask me for any amount during the subvention period?
2) In a subvention plan there are three parties involved the builder, the buyer and thee financer. If any of the two parties get into an agreement without informing or taking consent of the third party then is the third party liable for any repercussions which arises out of such agreement.
3) When the basis of selling is fraudulent can the builder charge me any penalty when I opt to cancel my booking.
4) A shout out to the buyers of Amaatra please reach out to the builder and find out and take in writing from them If there is any amount of interest that they have charged to you for delay in any payment raised by them. They will not share any details with you now but will heavily charge you at the time of possession. Better safe then sorry.
I am going to file a legal case against Amaatra builder for Harassment and Fraud.
Buyer beware!
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