Trapped in Tri-Party Agreement

Q: I had purchased an apartment at Vivansaa Baalsam from Dubai in Aug 2016. The sales team here insisted on going for the Tri-Party Loan Agreement with Indiabulls, whereby the builder agrees to bear all interest till the time of possession. I found the offer to be too good at that time, so I went ahead. Things were going smoothly till two months ago, when Indiabulls debited the monthly interest from my account, stating the reason that Vivansaa have defaulted. They again debited the same amount last month. I have been trying to reach Vivansaa since the last two months, but they are not giving a propoer response regarding the refund. Also, numerous e-mails sent to their management team have not yielded any response. Can anyone suggest a way out of this situation?

Jayasuryan Nair, Pune

26th May 2018

Builder Review in Vivansaa Baalsam, Sarjapur Attibele Road, Bangalore

tri party agreement

disadvantages of tri-party agreement

Follow Discussion

Also see discussions for

Bangalore Sarjapur Attibele Road Vivansaa Baalsam Builder Review Builder Review in Bangalore Builder Review in Sarjapur Attibele Road Builder Review in Vivansaa Baalsam

Replies (3)

Mr Nair Any Chance we can connect? I know this is an old post but if you think we can then please send me a email on achrungu at gmail.com

Ankit Chrungu,

15th June 2021

Comment

Hi,
Please consult a reputed lawyer for such complicated issues.

Based on what you have said, In my opinion, It is absolutely NO from mine. The Reason why I say so is, the seller does not own anything in his name. There is absolutely no premise why you should ask the bank to issue the cheque for the complete amount in his name. What if the builder denies registration and you are not able to recover the money back from the seller?

Somesh Venkatesh, Bangalore

29th May 2018

Comment

I am agreed with Somesh. The agreement between the seller and builder should not concern you. Any money that the seller has given to the builder will collect back directly from the builder. If the seller is ready to exit, let him initiate a name transfer or let him cancel the booking and bear the cost imposed on the builder. It is better to look for original resales than such investor flats.

Indrajit Kaul, Bangalore

29th May 2018

Are there any documents which can prove that builder has insisted you go for Tri-party agreement? File a suit in the consumer forum for fake promises and defaulter of the builder in this matter. I am sure, you will get your interest amount back.

Vaibhav Bhatnagar, Bangalore

29th May 2018

Comment