Legal Question in Real Estate Law in
we have made a collaboration agreement (not regd) with the local builder to construct our house.In lieu of construction the builder will get one floor and will pay to us rs 30 lakh. An amount of rs 10 lac was paid by him at the time of agreement. Now almost two years have passed,the builder deliberately or non deliberately has not taken the possesion of our house and not paid us the balance amount. The cost of his share of flat has been increased to about by one crore. If we go for col.agreement now the builder may give us about 70/80 lakh, But this builder is not interested to pay us the extra money and wants to get full advtg of increased cost. pl tell me what is the remedy and can we cancel this agreement and what is the expiry date of this coll.agreement. thanks in adv.
2 Answers from Attorneys
Sir: The date had to be fixed in the Colloboratation agreement. It was between the parties to fix the time in which the construction was to be completed.
it depends whether there is any time limit prescribed in the agreement where the builder was supposed to pay you 30 lacs. after going through the agreement, a way out may be suggested. the builder may file a suit for specific performance of agreement in case there is a steep rise in the cost of the floor. i suggest you send the scanned copy of agreement for a better advice.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
