Builder would deduct booking amount and then refund money to you
chances of getting full refund are bleak
Can I get the refund of my unregistered property
I have paid 78 lakhs for a commercial property in India, but have not got it registered yet. I started doing the payments since March 2015 and have paid 78 lakhs uptil now. Due to some personal requirements, i need money now. Can I ask the builder to pay my entire amount back ?
Asked 3 years ago in Property Law
Religion: Hindu
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7 Answers
You can recover the whole advance paid with interest. There are ways to establish default by the builder and claim the money back.
It depends on builder as a matter of right you may not get refund but you can sell the same
Is there any provision on the said agreement for cancellation on your part?
I hope you have proof of payment in case things don't go as smooth as you wish
The chances of getting entire amount back is quite bleak actually
In that case you may have to cancel the booking and also cancel the sale agreement made, if any.
By cancelling the sale agreement/booking you may have to comply with the conditions imposed in the agreement which may include deduction of certain percentage of amount due to voluntary cancellation by the buyer.
Dear Client,
if the seller fails to sell the property, you can get the refund. but, even if there is an agreement, you can not get the entire amount back in refund. you can get amount back but not the entire amount.
- There is no guidelines laid down by the government to forfeit the booking amount for the cancellation, and the deduction is done at the builder’s discretion.
- Hence, legally, the builder cannot deduct any money out of the paid payment till the time; a builder-buyer agreement is made and registered with the sub-registrar.
- Further, as per Real Estate Regulation Act (RERA), home-buyers can cancel allotment of the apartment booked with a builder at any stage even if there is no default on the part of the developer. The builder is bound by law to return the money collected from buyers within 45 days, after deducting the booking amount.
- Hence, if you have already paid more than 10 percent of the flat value, and the said agreement signed by you , is not registered in the office of the Registrar , then you are liable to get full amount refund paid by you ,even there is a clause present in the agreement for not refunding , and if the said agreement is registered , then builder has right to deduct booking amount from the paid amount.
- Yes, you are entitled to get refund the entire amount , if there is no clause for the deduction is mentioned in the agreement , hence send a legal notice for getting refund
- If, builder not refunding the same ,then you should lodge your complaint before the Consumer court , and thereby prayed for the refund of paid amount with interest.
