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Owner delaying security deposit

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Owner delaying security deposit

Last updated: May 30 2019
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  • Owner delaying security deposit

    Hi People,

    I need your valuable advice. Sincere apologies in advance for making you to go through my long question.

    I had rented an open land (monthly rent INR/- 17,000) for small scale construction purpose for my business project. I made proper rental agreement last year stating that the renting begins from April 2019 and paid 10 months of security deposit i.e. INR/- 1,70,000. I made a decision to start the construction work once I get the necessary legal requirements. However due to the delay in procuring certain legal permissions which I was trying to get since last year (thanks to election period), and unwilling to start my business without legal documents I had to delay my project and terminated the rental contract legally in March 2019. It was clearly mentioned in the agreement that the landlord has to pay the security deposit given a month of prior notice, hence I was supposed to get my money by April 2019. Me and my landlord negotiated one month of rent to be deducted from the security deposit as a mutual understanding for terminating the contract early. Now at the end of the notice period, he is refusing to pay my security deposit and saying that he will return my security deposit only after he finds new tenants replacing me for that land. His plan is to take the security deposit from the new tenants and compensating my advance money from that amount. I am certain that this process takes longer time in getting my money back. Please suggest me the right ways to solve the issue.
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