Should i buy resale in under construction property?

Q: Hi,
I have just given a token amount to builder for a 1 BHK under construction property(possession Dec' 17) and later that evening i came to know about a resale flat in same building but at a lower rate(difference of 5 lacs all incl.) but at a lower floor.
So guys need your help in what should i do and what will be the procedure considering below points?
1. I was told that token amount will be refunded if there are any genuine reasons(but it was verbal)
2. Seller is also having a running home loan and i will also go for home loan(with same or different bank).
3. I gave token amount for 19 floor and resale flat is at 11 floor and difference in amount(from builder - resale) is 5 lacs(63L from builder and 58L from resale)

Abhijit Shetty,

7th February 2016

Buying property in Mumbai

booking cancellation

buying under construction property

how to cancel my flat booking?

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Replies (3)

Thanks Shreya and Jerome for valuable suggestions.

Abhijit Shetty,

8th February 2016

Comment

Hi Abhijit,
I doubt the money is easily refunded on booking cancellation even if the property registration is not done. It will take at least 45 days to refund if builder wish to cancel.

Vinay Sharma, Pune

8th February 2016

Hi Abhijit,
Check what your booking forms say. Usually, builders protect themselves against these kind of unexpected bookings and keep either the whole or a good chunk of the booking amount. Standard answer from most of the builders when you approach them for flat cancellation. It will take at least 45 days to refund. Please return your original receipt to process the flat cancellation request. We will try to sell the flat to new customer & then refund you the booking amount.

Shreya Agarwal, Mumbai

8th February 2016

Comment

Hi Abhijit,
I think Shreya is right. Give your builder a letter or mail mentioning cancellation of the said flat for personal reasons and request him to refund your booking amount as soon as possible. That's it.
Since no registration is done there is no obligation on your part while there should not be any problem for the builder in refunding you the amount as per his refund policy.

N.Mathur, Delhi-NCR

8th February 2016

Hi,
As long as the reason sounds genuine, cancelling a flat should not be a problem, however, getting back your money from builder quickly will be a big problem. And likely chances of you not getting back 100% refund. Builder will deduct some charges from it. But not sure how long it will take......Good Luck..

Jerome Fernandez, Mumbai

8th February 2016

Comment

I agree with Jerome. While the cancellation should happen fairly smoothly. There might be some problems when it comes to getting a complete refund for the amount paid. However don't let this stop you from trying to get the full amount from the builder. Would be interested to know how this progresses. Please keep us updated and feel free to message me if you have any further queries.

Aarav Sharma,

8th February 2016