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Return of Token Money while booking flat

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Return of Token Money while booking flat

Last updated: December 10 2011
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  • Return of Token Money while booking flat

    We 2 people booked a flat with 1L token money in one of the projects in Noida. During filling we asked for some of the conditions to be met, the dealer said yes and we wrote them on the booking form so that these conditions come in the agreement letter later. Then we said why don't you bring these terms and conditions in MOU with our co.. In that case we will be relaxed. Althogh dealer is not denying, but we feel he might raise his hands and say builder is not agreeing. Then it will be a fight scene for us.

    Has anyone faced such situations? Will bulder return token money?

    The conditions were:

    1) Under flexi plan 80-85% of the loan would be sanctioned by the Bank.
    2) If there is delay in the disbursement of the loan from the bank, then it may delay the payment schedule, but no penalty would be levied due to this delay. Besides this, it will also not affect the progress of the project and possession of the same due to this very reason.
    3) A cheque of Rs 100,000/- is being given as token amount with an understanding that the rest of booking amount and subsequent payments as per different milestones(completion of floors etc.) will be given after sanction of loan by the bank
    4) In case the bank is not able to sanction the loan (80-85% of total cost of flat) for any reasons, then whole booking/token amount will be refunded immediately.
    5) It is understood that project will have all towers with Ground + 19 floors.
    6) The possession of the flat will be Dec 2012 with grace period of three months. After grace period, if the possession of flat couldn’t be given, a penalty of Rs. 5/- p.s.f. will be paid to the flat owner by the builder.
  • #2

    #2

    Re : Return of Token Money while booking flat

    Originally posted by vik_chawla View Post
    We 2 people booked a flat with 1L token money in one of the projects in Noida. During filling we asked for some of the conditions to be met, the dealer said yes and we wrote them on the booking form so that these conditions come in the agreement letter later. Then we said why don't you bring these terms and conditions in MOU with our co.. In that case we will be relaxed. Althogh dealer is not denying, but we feel he might raise his hands and say builder is not agreeing. Then it will be a fight scene for us.

    Has anyone faced such situations? Will bulder return token money?

    The conditions were:

    1) Under flexi plan 80-85% of the loan would be sanctioned by the Bank.
    2) If there is delay in the disbursement of the loan from the bank, then it may delay the payment schedule, but no penalty would be levied due to this delay. Besides this, it will also not affect the progress of the project and possession of the same due to this very reason.
    3) A cheque of Rs 100,000/- is being given as token amount with an understanding that the rest of booking amount and subsequent payments as per different milestones(completion of floors etc.) will be given after sanction of loan by the bank
    4) In case the bank is not able to sanction the loan (80-85% of total cost of flat) for any reasons, then whole booking/token amount will be refunded immediately.
    5) It is understood that project will have all towers with Ground + 19 floors.
    6) The possession of the flat will be Dec 2012 with grace period of three months. After grace period, if the possession of flat couldn’t be given, a penalty of Rs. 5/- p.s.f. will be paid to the flat owner by the builder.
    Your booking is conditional (written on the form) upon the builder agreeing them. If builder accepts that form (keep his acknowledgment with you) and your cheque, these should be binding on the builder. Better to talk to builder directly rather than depending on agent who may not be there when BBA is signed. Any commitment given by the dealer is not binding on the builder.

    Comment

    • #3

      #3

      Re : Return of Token Money while booking flat

      Originally posted by vik_chawla View Post
      We 2 people booked a flat with 1L token money in one of the projects in Noida. During filling we asked for some of the conditions to be met, the dealer said yes and we wrote them on the booking form so that these conditions come in the agreement letter later. Then we said why don't you bring these terms and conditions in MOU with our co.. In that case we will be relaxed. Althogh dealer is not denying, but we feel he might raise his hands and say builder is not agreeing. Then it will be a fight scene for us.

      Has anyone faced such situations? Will bulder return token money?

      The conditions were:

      1) Under flexi plan 80-85% of the loan would be sanctioned by the Bank.
      2) If there is delay in the disbursement of the loan from the bank, then it may delay the payment schedule, but no penalty would be levied due to this delay. Besides this, it will also not affect the progress of the project and possession of the same due to this very reason.
      3) A cheque of Rs 100,000/- is being given as token amount with an understanding that the rest of booking amount and subsequent payments as per different milestones(completion of floors etc.) will be given after sanction of loan by the bank
      4) In case the bank is not able to sanction the loan (80-85% of total cost of flat) for any reasons, then whole booking/token amount will be refunded immediately.
      5) It is understood that project will have all towers with Ground + 19 floors.
      6) The possession of the flat will be Dec 2012 with grace period of three months. After grace period, if the possession of flat couldn’t be given, a penalty of Rs. 5/- p.s.f. will be paid to the flat owner by the builder.
      Vik_chawla,
      I need to know what are the conditions you requested to be mentioned on the agreement/mou. I do not see any issue in the terms specified as these terms are standard.
      Please remember that your booking is not complete till you give full 10% amount and this is only a token money which is based on mutual acceptance and has little binding on the builder unless he banks the cheque without either officially launching the project or making it bankable.
      Let me know.
      MM

      Comment

      • #4

        #4

        Re : Return of Token Money while booking flat

        Need Help

        Dear Members

        Is token amount refundable in absence of any written document or otherwise? Please provide Clear cut answer.....

        Thanks
        Thanks

        Comment

        • #5

          #5

          Re : Return of Token Money while booking flat

          The question is - Was money paid in Builder's name or to the Dealer? If in builder's name and conditions are not acceptable to builder, then he shall refund without any issue.

          BTW, avoid broker/builder and have direct dealing with builder. U can still keep broker/dealer in loop to help him have his commission. Make sure that you are involved in key discussions and legal agreements with builder (or its key staff).

          Comment

          • #6

            #6

            Re : Return of Token Money while booking flat

            Originally posted by cookie View Post
            Dear Members

            Is token amount refundable in absence of any written document or otherwise? Please provide Clear cut answer.....

            Thanks
            refundable after deduction of admin. charges... consider max. deduction of 5K not more.

            Comment

            • #7

              #7

              Re : Return of Token Money while booking flat

              Originally posted by dhinchik View Post
              The question is - Was money paid in Builder's name or to the Dealer? If in builder's name and conditions are not acceptable to builder, then he shall refund without any issue.

              BTW, avoid broker/builder and have direct dealing with builder. U can still keep broker/dealer in loop to help him have his commission. Make sure that you are involved in key discussions and legal agreements with builder (or its key staff).
              Dhinchik Bro

              For example
              I pay 10,000 as a token amount to a particular Flat owner (no dealer/broker) and soon after 2 days I back track or change my mind due to any reason. In that case will I get my token amount back?

              Thanks
              Thanks

              Comment

              • #8

                #8

                Re : Return of Token Money while booking flat

                Originally posted by cookie View Post
                Dhinchik Bro

                For example
                I pay 10,000 as a token amount to a particular Flat owner (no dealer/broker) and soon after 2 days I back track or change my mind due to any reason. In that case will I get my token amount back?

                Thanks
                OMG..i thought u dealt directly with builder...

                Comment

                • #9

                  #9

                  Re : Return of Token Money while booking flat

                  Originally posted by LChand View Post
                  refundable after deduction of admin. charges... consider max. deduction of 5K not more.
                  Thanks Lchand Bhai

                  But my query is bit different. Here there is no builder and broker but Owner.

                  Thanks
                  Thanks

                  Comment

                  • #10

                    #10

                    Re : Return of Token Money while booking flat

                    Originally posted by LChand View Post
                    OMG..i thought u dealt directly with builder...
                    Lchand Bro

                    God ko mat yaad karo bhai
                    Reply to Karo

                    Thanks
                    Thanks

                    Comment

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