- There is no provision in the law 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 advance payment you have made for the booking till the time; a builder-buyer agreement is made and registered with the sub-registrar.
- Further, A builder-buyer agreement is not created until the buyer pays at least 10 per cent of the property value.
- Further, as per 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 builder . 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 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.
- Send a notice to the builder to cancel the allotment and to refund the money paid by you.
- If, builder not refunding the same ,then you can file your complaint before the Consumer court , and thereby prayed for the refund of paid amount with interest.