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.
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