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Refund of booking amount after signing Application Form & MOU & before signing of Builder Buyer Agreement(BBA)

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Refund of booking amount after signing Application Form & MOU & before signing of Builder Buyer Agreement(BBA)

Last updated: October 9 2020
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  • Refund of booking amount after signing Application Form & MOU & before signing of Builder Buyer Agreement(BBA)

    Hi,

    I have paid Rs. 10 Lacs for 3BHK flat in Presithum Project (Presidency Infra Heights Pvt Ltd) located in sector 25 Yamuna Expressway & booking was done through Square Yards (Agent). Square Yards promised me lots of thing (verbally) but nothing was actual.

    I decided to cancel the booking & ask Presithum to refund the booking amount.

    Now they refused me to refund any money by saying I have signed application & MOU, which has mentioned about non-refund policy.

    Its almost 10 months of following up with them for refund but still not got success. Moreover, BBA (Builder Buyer Agreement) is not signed yet.

    Please advise if its possible to get the refund considering above condition & how it would be possible?
    Last edited October 7 2020, 12:34 AM.
  • #2

    #2

    Re : Refund of booking amount after signing Application Form & MOU & before signing of Builder Buyer Agreement(BBA)

    Signing an Application and paying a booking amount is an intent to buy, and the application form doesn't contain everything that dictates of what are do's and dont's of either party.

    If you have signed the BBA, chances of refund ( in. your case ) looks grim. If not read below.

    Generally the builder can deduct 10% and has to refund the remaining amount, unless there's in an agreement on the stamp paper that the builder will not refund in any case.

    Was BBA shared with you before hand ? If you have not signed the BBA, the following options can be exercised if the project is governed under RERA.

    - Buyer can file a complaint with the concerned authority, RERA in this case.

    - Buyer can also file a civil suit against the builder, in the courts.

    - Buyer can also file a consumer complaint under the Consumer Protection Act for deficiency in service before the appropriate dispute redressal forum.

    Above all , talk to the builder for the one last time and tell your intent (as taking the matter to a third party in the dispute takes time and money) , I am sure they will work out by deducting industry standard 10% and refund.

    Matters like this doesn't stand much in the court of law.

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