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Surrender Charges or Loss On Surrender

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Surrender Charges or Loss On Surrender

Last updated: January 20 2017
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  • Surrender Charges or Loss On Surrender

    Hi,
    I have purchased a flat last month. But due to some crisis i want to surrender this flat. Can someone please urgently guide me what is the process and what will be the expected loss of money in this..


    Seniors (Manoja, tinisha, amitMM).. pls help
  • #2

    #2

    Re : Surrender Charges or Loss On Surrender

    Where is the flat and what does the BBA(or booking form) says about surrender? Any chances of re-selling it back in the market?

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    • #3

      #3

      Re : Surrender Charges or Loss On Surrender

      No chances of selling it back as its in nehapar faridabad..

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      • #4

        #4

        Re : Surrender Charges or Loss On Surrender

        But write project name , flat size & how much is paid to find better solution ?

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        • #5

          #5

          Re : Surrender Charges or Loss On Surrender

          Its KLJ Greens, Faridabad, 1279 sqft super area.. and paid 10% of bsp.. but just confirmed from the builder.. and they are saying that they do not accept surrenders as per the company policy.. is it possible

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          • #6

            #6

            Re : Surrender Charges or Loss On Surrender

            Originally posted by AdlakhaJyoti View Post
            Its KLJ Greens, Faridabad, 1279 sqft super area.. and paid 10% of bsp.. but just confirmed from the builder.. and they are saying that they do not accept surrenders as per the company policy.. is it possible
            When it was booked ?
            I think builder ( as it is small builder )will not accept cancellation of booking. Only option is to sell this booking in Resale market. You can post free classified for sale of this by googling free classified advertisement faridabad..

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            • #7

              #7

              Re : Surrender Charges or Loss On Surrender

              Builder can do it, but not doing it because even he can't sell it back in the market so easily.

              Re-selling it is your best bet right now and that too before next payment is due. How is the construction progress of this project, if it is good then you won't have any problem in selling it. Start calling around various brokers and see their response...

              Good Luck!

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              • #8

                #8

                Re : Surrender Charges or Loss On Surrender

                Try speaking to the Builder, be a bit persuasive ( he may just agree, with a small deduction on the refund ) .

                In the meanwhile, as other members have suggested, try selling it off . Get a bit aggressive. As tinesha suggested, "post free classified for sale of this by googling free classified advertisement faridabad" & contacting Brokers, as suggested by djvjain & any other means, u can think off ( maybe sell it off at a small loss, as a last resort ).

                Please read IREF rules | FAQ's

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                • #9

                  #9

                  Re : Surrender Charges or Loss On Surrender

                  Thanks everyone.. will try to put pressure on builder.. but seems quite difficult as dvjain is right that builder also can not sell that back in the market.. but will surely give it a try and put advertisements in google .. Thanks for your valuable suggetions.. will soon give an update..

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                  • #10

                    #10

                    Re : Surrender Charges or Loss On Surrender

                    Ask him to take it back by deducting Rs 50K or something or try to find some flaw in the BBA and then back out. It would be difficult to do the latter, but worth a try.

                    How is the response of the brokers to offload it?

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