The delay charge must be paid by the builders. Considering the monetory loss we are suffering for the period of delay( Since May '07 to Fe'08 ( the tantative day of possession as declared by the builder) ), it should be actually much more than what the agreement says (Rs.3 per sqft per month).
Here is a rough estimation of the loss
For 9 months:rent paid: 9x10000=Rs. 90,000/
home loan interest paid=Rs.2,20,000/
For a 3bhk (of are 1499), we will get 3 x 1499 x 9=Rs.40,473, which is too less as a compensation.
Considering the north ward movement of the home loan interest rate and the rent rise at least we should get an equal amount of compensation.Here I am not counting the mental agony we are suffering.What do you say ?
But I am sure, the builder will try to give lots of un truth reasoning like scarcity of material, labours etc for which we do not have relevent data.
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2 comments:
Totally agreeable.
But understand we are not dealing with US building and land laws.
So I would imagine if we get 40k i would still be a happy camper.
The idea of the builder should be to give 100 reasons not to compensate us if not to make it a minimum
The idea of the customer is to mazimize it
So if we ask for 1lac we may get 40k
if we ask for 3 lac we may get 1lac
So the larger the figure we can ask for with valid arguments the greater is the chance we take home more than what they have planned
i am not an attorney..
but from what i know watching Judge Judy and Jude Joe Brown & Judge Alex .. and reading CNN articles on litigation settlements in the past:
mental anguish is not compensated.
projected revenue loss is not compensated.
but loss of interest should be a defenitive yes.
Mental anguish is compensated in cases of criminal backgrounds and particularly when the mental torment victims and just a couple or so individuals .Now that this happened with all 200 or so possible customers mental anguish reasoning may not really work out in court.
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