Cancellation of a booked flat with agreement
Please help me out, Recently I have purchased a flat during the pre-launch offer by reputed builder and as a part of process I have ended paying around 18lks which includes booking amount + Towards Agreement + Completion of excavation.
- Application form has been signed
- Agreement is still pending
Now I have initiated a cancellation without signing the agreement what is the consequences and the expected penalty?
As per the booking form I see this below clause :
If this Application Form is withdrawn / cancelled by the Applicant(s) after his/her/their/its acceptance, GHCPL shall be entitled to forfeit all the amounts received from the Applicant(s) subject to a maximum of the Earnest Money plus Overdue Interest on any overdue payments.
Builder response to my cancellation request email :
Thank you for writing to us.
We wish to inform you that in case of cancellation, the amount upto 20% would be forfeited. Request you to kindly refer the application form for the same.
Can someone clarify what does this 20% refering to ?