Legal Question in Real Estate Law in India
I booked a flat in Hyd in Jan 2013, but cancelled it. The cancellation clause in my agreement says "an amount of 2% of the flat cost shall be levied towards cancellation charges and the balance of the sale proceeds shall be refunded when the said flat is sold to a third party on the receipt of equal amount from new customer" is this legal? If the builder is not being able to sell the property then is my amount forfieted?
2 Answers from Attorneys
24.05.2013
Dear Sir / Madam,
No, the refund cannot be conditional on the sale by the builder to another party at an equal amount from the customer. Since you have cancelled the deal, all that the builder is legally entitled is to deduct 2% cancellation charges and refund back your balance money.
Regards,
This is a sort of standard clause for voluntary cancellation.
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