I want to cancel my 2 bhk flat at kalpataru. What are the charges?

Aishwarya Jayal,

19th September 2016

Other in Mumbai

how to cancel booking

how to cancel my flat booking?

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Replies (4)

Hi,
If developer refuses to pay back the booking amount even after the presence of clause in the agreement, buyers can file case in consumer forum asking for refund with interest.

Or, if the project has been delayed or has not started for a long time, buyers can ask for a complete refund. However, buyers must know that if they have paid stamp duty, registration charges, service tax and VAT, it will not be returned in case of cancellation.

Mansoor Bithal, Mumbai

19th September 2016

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Hi friend!!!
If you did not sign any sale agreement or allotment agreement with the builder at the time of getting your allotment, there is still room for cancellation. Even in case there is no clause for termination or cancellation or you did not enter into any agreement with the builder, you are well within your right to cancel the sale on certain grounds of impossibility depending on the basic agreement between you and the builder.

Abhinandsavalla, Mumbai

19th September 2016

Comment

Hi,
Check your sale/ allotment agreement on the clause pertaining to cancellation of the booking. It will be as per the agreement. Some agreements have clauses such as; "that after the buyer terminates the contract to buy the apartment if the developer does not commence project construction within a year of allotment letter, the builder will refund the amounts paid by the buyer with simple interest of 6% per annum". So please be aware of your rights as per the agreement. I have mentioned both condition here. Go through it.

Dev Patel, Mumbai

19th September 2016

Comment

I agree with Dev too. In case there is no agreement, there must be a receipt, application form or allotment letter which will have the terms and conditions of cancelling an amount. If there is no such clause, such letter/receipt can be used in court while asking for refund of the amount.

Roshni Pawal, Mumbai

19th September 2016

Hi Aishwarya!!
Cancellation can actually be a tedious process. The fact is that the real estate sector is not known for its transparency. It doesn't follow best practices in its dealings, in reporting results and, certainly not when it comes to giving refunds. they discourage cancellations, but if buyers insist, they refund the money after deducting 10-15% of the total value of the apartment. What is worrying for buyers is that there is no norm that the builders are required to follow while cancelling bookings. So, i would suggest you to stay invested for some time and see the progress of the construction work.

Kishore Pathak, Mumbai

19th September 2016

Comment

Yes, i am agree with Kishore. There is no guideline for refunds and most developers insist that once you have signed the sale agreement, you are legally bound to follow it. No surprise then that sale agreements vary from builder to builder and always favor them when it comes to cancellations. Check your sale agreement, it is clearly mentioned on it " A request for cancellation can be made at any time after allotment. It may, however, be noted that the earnest money (10% of the total consideration) will be forfeited, as the same is non-refundable". Decision is your now. Whether you want to go with it or want to cancel.

Dev Patel, Mumbai

19th September 2016