Can I cancel registered flat before possession?
1 year ago
Can I cancel registered flat before possession? But the builder is levying me heavy charges including brokerage but I had approached them thru Channel partner and not any broker but they are still charging me for amount they paid to channel partner as brokerage, this property is in Pune, Maharashtra
A.Dear Client,
If you want to cancel your registered flat before a possession , the builder can deduct a cancellation charge, usually 10 per cent of the cost of the apartment, before refunding the booking amount. Apart from this charge, any government tax paid by the buyer such as stamp duty, VAT or service tax will also be deducted from the refund. Since there are no guidelines laid down by the government the deduction is done at the builder’s discretion and some builders might even waive it off in some cases if you are lucky.
It is important to note that cancellation charges are usually mentioned in the builder-buyer agreement. So, if you have signed such a contract, read it carefully to find out how much money you are liable to be refunded. If terms for cancellation are missing then 100 per cent refund can be claimed from the developer. In case a developer refuses to repay the booking amount even with a clause present in the agreement, the buyer may file a case with the consumer forum asking for a refund with interest.
It is important to consult a lawyer near you as they can help ease the procedure of cancellation.
Thank you so much, I hope this answer helped you.
If you want to cancel your registered flat before a possession , the builder can deduct a cancellation charge, usually 10 per cent of the cost of the apartment, before refunding the booking amount. Apart from this charge, any government tax paid by the buyer such as stamp duty, VAT or service tax will also be deducted from the refund. Since there are no guidelines laid down by the government the deduction is done at the builder’s discretion and some builders might even waive it off in some cases if you are lucky.
It is important to note that cancellation charges are usually mentioned in the builder-buyer agreement. So, if you have signed such a contract, read it carefully to find out how much money you are liable to be refunded. If terms for cancellation are missing then 100 per cent refund can be claimed from the developer. In case a developer refuses to repay the booking amount even with a clause present in the agreement, the buyer may file a case with the consumer forum asking for a refund with interest.
It is important to consult a lawyer near you as they can help ease the procedure of cancellation.
Thank you so much, I hope this answer helped you.
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