Property token money
1 month ago
Sir I had paid token money of 50k to a builder. I found some errors at the builders end and withdrew my decision to buy this property. Now this builder is talking like a goon and not returning my money. What needs to be done, please help.
A.Dear Client,
The Real Estate (Regulation and Development) Act, commonly known as RERA, grants significant rights to homebuyers. Under RERA, a homebuyer has the authority to cancel an allotment of an apartment with a builder at any stage, even without default on the part of the developer. The builder is bound to return the money collected from the buyer within 45 days of such cancellation, deducting only the booking amount.
According to a recent MahaRERA circular, a promoter/builder is permitted to forfeit only 2% of the consideration amount in case of cancellation by an allottee. This circular, issued in August of the previous year, specifies that the promoter can forfeit this amount if the booking is canceled 61 days after the issuance of the allotment letter.
Section 31 of the RERA Act allows any aggrieved person to file a complaint with the Authority or the adjudicating officer for violations of the Act's provisions. In case of deficiencies in service and unfair trade practices, you can file a complaint against the builder before the Consumer Court under Section 35 of the Consumer Compensation Act, 2019. It is advisable to serve a legal notice claiming compensation for harassment and the cost of litigation or file a civil suit for specific performance against the builder before a Civil Court.
It's important to note that a complaint should be filed within two years from the date of the cause of action. However, you cannot simultaneously raise your complaint/claim before both the Consumer Court and RERA for the same cause of action. Choose the appropriate legal forum based on the specifics of your case.
The Real Estate (Regulation and Development) Act, commonly known as RERA, grants significant rights to homebuyers. Under RERA, a homebuyer has the authority to cancel an allotment of an apartment with a builder at any stage, even without default on the part of the developer. The builder is bound to return the money collected from the buyer within 45 days of such cancellation, deducting only the booking amount.
According to a recent MahaRERA circular, a promoter/builder is permitted to forfeit only 2% of the consideration amount in case of cancellation by an allottee. This circular, issued in August of the previous year, specifies that the promoter can forfeit this amount if the booking is canceled 61 days after the issuance of the allotment letter.
Section 31 of the RERA Act allows any aggrieved person to file a complaint with the Authority or the adjudicating officer for violations of the Act's provisions. In case of deficiencies in service and unfair trade practices, you can file a complaint against the builder before the Consumer Court under Section 35 of the Consumer Compensation Act, 2019. It is advisable to serve a legal notice claiming compensation for harassment and the cost of litigation or file a civil suit for specific performance against the builder before a Civil Court.
It's important to note that a complaint should be filed within two years from the date of the cause of action. However, you cannot simultaneously raise your complaint/claim before both the Consumer Court and RERA for the same cause of action. Choose the appropriate legal forum based on the specifics of your case.
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A.Dear Client,
The RERA empowers the homebuyer to cancel an allotment of the apartment booked with a builder at any stage even if there is no default on the part of the developer. It binds the builder to return the money collected from the buyers within 45 days of such cancellation after deducting the booking amount. Without an agreement to sell, the builder can accept up to 10% of the amount of cost of the flat as booking money and if you cancel the booking without the builder's fault, the builder is entitled to forfeit the booking amount since they have experienced a loss due to the booking cancellation. It is cited in a recent MahaRERA circular, which states a promoter/builder is allowed to forfeit just 2% of the amount in case of cancellation of a booking by an allottee. MahaRERA issued a circular in August last year regarding the prescribed format for allotment letters, which permitted the promoter to forfeit only 2% of the consideration amount if the booking is cancelled 61 days after issuance of the allotment letter. Section 31 of the RERA Act or Real Estate (Regulation and Development) Act, 2016 allows any aggrieved person to file a complaint with the Authority or the adjudicating officer for any violation or contravention of the provisions of this Act or the rules and regulations made thereunder against any promoter or builder. You can file a complaint against the Builder for deficiency in service and unfair trade practice before the Consumer Court under Sec.35 of the Consumer Compensation Act, 2019 serving a legal notice claiming compensation for harassment and cost of litigation and/or file a civil suit for specific performance against the Builder/Developer before a Civil Court for appropriate relief in the matter. The complaint should be filed before the Consumer Court within two years from the date of the cause of action. It may be noted that you cannot raise your complaint/claim simultaneously before the Consumer Court and RERA for the same cause of action at a time. Reach out to an experienced Advocate handling Consumer cases and RERA cases for guidance and steps.
The RERA empowers the homebuyer to cancel an allotment of the apartment booked with a builder at any stage even if there is no default on the part of the developer. It binds the builder to return the money collected from the buyers within 45 days of such cancellation after deducting the booking amount. Without an agreement to sell, the builder can accept up to 10% of the amount of cost of the flat as booking money and if you cancel the booking without the builder's fault, the builder is entitled to forfeit the booking amount since they have experienced a loss due to the booking cancellation. It is cited in a recent MahaRERA circular, which states a promoter/builder is allowed to forfeit just 2% of the amount in case of cancellation of a booking by an allottee. MahaRERA issued a circular in August last year regarding the prescribed format for allotment letters, which permitted the promoter to forfeit only 2% of the consideration amount if the booking is cancelled 61 days after issuance of the allotment letter. Section 31 of the RERA Act or Real Estate (Regulation and Development) Act, 2016 allows any aggrieved person to file a complaint with the Authority or the adjudicating officer for any violation or contravention of the provisions of this Act or the rules and regulations made thereunder against any promoter or builder. You can file a complaint against the Builder for deficiency in service and unfair trade practice before the Consumer Court under Sec.35 of the Consumer Compensation Act, 2019 serving a legal notice claiming compensation for harassment and cost of litigation and/or file a civil suit for specific performance against the Builder/Developer before a Civil Court for appropriate relief in the matter. The complaint should be filed before the Consumer Court within two years from the date of the cause of action. It may be noted that you cannot raise your complaint/claim simultaneously before the Consumer Court and RERA for the same cause of action at a time. Reach out to an experienced Advocate handling Consumer cases and RERA cases for guidance and steps.
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