| Address: Hyderabad, Andhra Pradesh |
I had booked a flat in Aliens Space Station - 1, Tellapur, Hyderabad in 2011. I had opted for pre-EMI (i.e. NO EMI till possession) option/scheme, under which it was agreed that I would pay 10% of the flat cost and builder would pay the pre-EMI (on the loan amount disbursed by the bank (State Bank of India)) till the possession. An agreement/MoU was signed on this between me and the builder. Builder had also given advertisements regarding this in the newspaper (Times of India). This can also be produced as proof.
Builder continued to pay the pre-EMI for around 1 year. I can provide a bank statement which shows this. But recently builder has stopped paying the pre-EMI amount. After talking to builder, they said, they wont be paying the pre-EMI henceforth. This is a total violation of the agreement/MoU that was signed between us, violation of advertisements they had given in newspapers to attract the customers.
They have not constructed/delivered the flat (no possession) and they are breaking their promises/commitments which is captured in the agreement/MoU (in written form) and which is signed by both the parties. They are doing this for all the customers who had booked the flat under pre-EMI scheme.
I am not financially prepared to take the burden of EMI or pre-EMI and that is the reason I had booked the flat under pre-EMI scheme, thinking that I dont have to worry about EMI till possession. Now I have lost my "peace of mind".
Please advice what to do. Was this information helpful? | 
