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Project Delays - Bank's Responsibility

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Project Delays - Bank's Responsibility

Last updated: December 9 2014
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  • Project Delays - Bank's Responsibility

    It is common understanding that the banks funding the purchase of a property does not have any responsibility towards the completion of the project and it is sole responsibility of the builder to deliver the project on time.
    The banks are just concerned about their capital provided and the interest thereof.
    The point of argument here is if banks do a viability checks and proper due diligence about the builder and the project and they always have the right of first refusal as per the tripartite agreement - How they can be immune to the burden of buyers where projects are delayed beyond reasonable, say 6 months, delivery promise.
    Do we have any legal experts who can help lakhs of buyers who are suffering from the delay of projects and banks are happy making money every month on their suffering.
    I understand that the agreement of loan is between the buyer and the bank however in an extraordinary circumstances where projects are delayed for 3 to 5 years and beyond does the banks should not also bear the burden or intervene in the construction management of the project.
    Calling everyone whose projects have suffered to atleast write a mail to the managing director of the lending company with copy to finance minister, gov rbi, the chief justice of India, the prime minister of India and the president of India.
    I am confident that one mail from each buyer would be enough for rbi to act.

    Rohit
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    Closed and COPIED to https://www.indianrealestateforum.co...ueries?t=76652
    Last edited December 9 2014, 09:54 AM.
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