Legal Question in Real Estate Law in India

Dear Sir/Madam-

I've booked a flat in Feb'12 in Bangalore in Electronic City Phase-1 under panchayat approved layout. As per agreement I had to pay 10% at the time of booking and rest of the amount by bank loan. Builder also promised to pay Rs.10000 as penalty in case if is will not complete possession by 31st October.

The builder sold us the 5th floor flat which is not approved and we were not aware of it earlier at the time of purchasing. Builder convinced us that he will get the loan approved by Allahabad Bank @10.5% interest, but AB didn't approve, later he advised that he will get it done by Canfin Bank @10.95%, then Canfin also didn't approve rejecting that 5th floor is unapproved and then builder asked to get the loan from coperative bank (Cauvery Kalpataru Bank) @11.25% which till now Bank Manager is saying that he will disburse only on completion of the flat.

Harrasment from the builder:

1.Delay in the project till now Building is not completed and since October 2012 builder is saying that it will be completed in one month and uptil now it is not completed.

2.Builder is trying to put everything on me that I have told the Bank Manager that not to disburse loan until possession. That is not the case.He only advised to go though this bank through his person dealer who gets loan for his other properties.

3.Not picking up the calls or disconnecting and not properly taking and not ready to meet to talk and always very arrogant on phone call and gives an impression that he is giving the flat to me as free.

Since the property has now been appreciated in 1 and half years, though the 5th floor is un-approved but still the rates have been appreciated. Since I've waited for 1 and half years and if I cancel this flat the maximum the builder is liable to pay 5% per month of my paid amount which will be very less.Though the actual property rate has increased by 5-6 lacs

Need your advise in how to tackle the current situation without incurring loss and how to handle the builder in case how to take legal approach

Please advice

1 Answer from Attorneys

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