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Builder is demanding to Release the Fund when bank has rejected the Demand letter due to slow progress of construction

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Builder is demanding to Release the Fund when bank has rejected the Demand letter due to slow progress of construction

Last updated: June 23 2019
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  • Builder is demanding to Release the Fund when bank has rejected the Demand letter due to slow progress of construction

    I have purchased a flat in a subvention scheme where i have already released 75% of the flat cost to the builder. Builder has raised Demand letter for another 15% amount which bank has rejected saying the Construction of project is not satisfactory to release further funds.

    Now the builder is saying that " you are in a time linked plan and bank is only the facilitator for providing home loan, so if the bank is not disbursing the amount raised i need to pay it personally to the builder", and forcing me on same.

    My question is -Can a builder force a buyer to pay the demand raised if bank has rejected the further disbursement until they see satisfactory progress in construction?

    Looking forward to your reply.
  • #2

    #2

    Re : Builder is demanding to Release the Fund when bank has rejected the Demand letter due to slow progress of construction

    Can u name the Builder & the Project? An thread may already exist on the Project and there could be other members facing similar issues. If an thread on the Project exists already, this thread would then be required to get merged with the original existing thread .
    Please read IREF rules | FAQ's

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