Although the fourth option, cancellation, even given the flood of projects from which you can choose, seems convenient, it can actually be a laborious process. The fact is that the real estate sector is not known for its transparency. There are no good practices in its stores (a large number of transactions are in cash), in the coverage of results, let alone when it comes to making refunds. In fact, none of the developers contacted by Money Today were ready to record the minutes. „We advise discourage cancellations, but if buyers insist, we refund the money after deducting 10-15 percent of the total value of the apartment,“ says the marketing director of a publicly traded real estate company, declining to be quoted only because we say something mentioned in the buyer agreement. What the law says There is no policy for refunds and most developers insist that once you have signed the sales contract, you are legally obliged to follow it. It is therefore not surprising that sales contracts vary from one contractor to another and that they always prefer them when it comes to cancellations. Take Jaypee Greens City`s recent sales contract, published in the NCR: „A cancellation request can be made at any time after the award. It may be noted, however, that the serious money (10 per cent of the total) will expire because it is not possible to repay the same amount. Another company that has launched a project on the same site lists this rule: „If, at any time, the proposed Allottee requests the cancellation of the allowance and the refund of the amount it has deposited, the company may, at its discretion, cancel the amount of the booking/registration or serious money, as the case may be.“ Chopra: „Developers generally withdraw it because of certain inherent costs, such as external development fees (EDC). However, it is committed to offering consumers a duplicate of this levy. 1) because the owner failed to make your down payment up to 10% of the lump sum (after deducting 10%) to repay, provide legal information to the owner to refund your appropriate down payment. Until the contract is registered, the seller cannot deduct the money from the amount of the advance.
If the buyer is able to negotiate well, he can get all his money back. 4. Give the owner a formal notice from the lawyer to terminate the contract and request a refund of 10% of the lump sum value. If the owner does not repay your amount, you can take legal action against the owner. Another option you might consider is refinancing the longer term loan and the lower ME to reduce the load in these difficult times. But if you`re a buyer for a new project and you can finance your EMIs, you may have to bear the consequences if too many other buyers return. The project may become bogged down or completely frozen due to a lack of resources. „It depends on the owner in question. Large organized developers are sufficiently capitalized and would not see their project funding bogged down due to customer cancellations. Small owners can have problems,“ Thakur said. If the developer does not return the units to the prescribed time frame, the purchaser may terminate the contract.
He is still entitled to obtain a refund with interest within 45 days of the termination of the contract. As Dutta and Bhattacharyya booked the apartment online during the closing, there is hope. According to Prashant Thakur, Director and Director of Research, ANAROCK Property Consultants, the owners had to do things differently during the blockage.