cancellation of allotment
10 months ago
allotment can be cancelled without giving notice if there is clause in general terms that if payment is not done within in stipulated time , the allotment will be cancel and reserve money will forfieted
A.Dear Client,
If a homebuyer, otherwise known as an allottee, fails to make the necessary payments for a continuous period of time as per the payment schedule, the developer is empowered to terminate the agreement and revoke the allotment made to the buyer and can charge interest for delay in payment. The provision of refund here is no different from the general RERA rule i.e. the amount paid to the promoter must be refunded to the homebuyer within a period of 90 days, excluding booking amount and interest liabilities. The liability for paying interest not only affects the promoter but the homebuyer as well. The promoter is entitled to claim interest from the homebuyer for any delay in payments. The RERA Act now provides relief for both allottees and developers to amend the sales agreement in special circumstances, provided both parties consent to it in writing.
If a homebuyer, otherwise known as an allottee, fails to make the necessary payments for a continuous period of time as per the payment schedule, the developer is empowered to terminate the agreement and revoke the allotment made to the buyer and can charge interest for delay in payment. The provision of refund here is no different from the general RERA rule i.e. the amount paid to the promoter must be refunded to the homebuyer within a period of 90 days, excluding booking amount and interest liabilities. The liability for paying interest not only affects the promoter but the homebuyer as well. The promoter is entitled to claim interest from the homebuyer for any delay in payments. The RERA Act now provides relief for both allottees and developers to amend the sales agreement in special circumstances, provided both parties consent to it in writing.
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