Yes but if builder is in default you need to complain in rera for refund and you may be allowed interest on due amount @ mclr+1%
I have cancel my Unit with a builder in Noida. This was due to my financial emergency. I was aware that I will lose my booking amount. It has been over a year and my builder hasn't paid me my refund. Second thing as per my information they have already sold my Unit to another patry. I have read many articles and also here in Kaanoon.com that according to RERA law , if the buyer cancels his/her unit he will lose the booking amount and the promoter/builder need to refund the balance amount within 45 days. Is it true?
Yes but if builder is in default you need to complain in rera for refund and you may be allowed interest on due amount @ mclr+1%
Builder can deduct only 10 per ce t of booking amount and has to refund balance amount in case of cancellation of booking
2) if builder refuses to refund your money file complaint against builder before RERA for refund of your money
1. you can claim your booking amount by sending a legal notice through counsel or filing a complaint in RERA,
2. a nominal deduction of 10% is applicable in the booking amount and you will get the balance
Yes it is true you can file a complaint before RERA authority for your refund along with the interest.
The builder has to pay back the amount. File a complaint in rera immediately otherwise questions may be asked about the delay.
1. YES. the law prescribes to forfeit 10% of the cost of Flat, in case the customer cancels the booking.
2. However, IF the booking is cancelled due to fault of Builder (late or delay construction /disputes /sub-standard construction etc.... ) THEN the customer is entitled to receive refund of full amount alongwith 12% interest.
No, it’s no where prescribed that the builder is mandated to process refund after deducting booking amount within 45 days. Having said that, since the builder has already resold your unit and has also forfeited the booking amount, there’s no reason why he should continue over the rest of money which he is supposed to refund back to you . Approach UPRERA by way of preferring a complaint.
thanks for the reply.. Just want to make sure on this.. Is Builder bind by RERA LAW to refund my balance amount (after deducting my booking amount) within 45 days from my date of cancellation...
as per The Real Estate (Regulation and Development) Act, 2016, which came into force on May 1, 2017, The allottee have the right to cancel
/withdraw his allotment in the project . Provided that where the allottee proposes to cancel/withdraw from the project without any fault of the promoter, the promoter herein is entitled to forfeit 10% of booking amount for the allotment. The balance amount of money paid by the allottee shall be returned by the promoter to the allottee within 45 days of such cancellation. N
Yes, but until you will not complain to RERA, why builder will honor the law. Better don`t mention that you have cancel the booking and impute cancellation on builder if you have not cancel through written request.
Otherwise mention that builder misrepresented and offer orally the other amenities whcih were later found false.
this is agreement specific and is not the law. If the agreement says so he has to refund it. Even if it is not mentioned in the agreement he has to return it within a reasonable period.
He is bound to refund, but whether or not within 45 days, depends on the terms and conditions of the Agreement that you signed with him.
Yes it is true builder is liable to refund remaining amount within fixed period of 45 days after that you can claim interest on remaining amount.
1. YES. RERA laws prescribes return of Money by builder within time frame, when written application for same is given to Builder (not oral request).
The RERA empowers the home buyer to cancel an allotment of the apartment booked with a builder at any stage even if there is no default on the part of the developer. It binds the builder to return the money collected from the buyers within 45 days of such cancellation after deducting the booking amount
You are right, you can approach RERA with your grievances and for relief to the long wait of refund of the amount.