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Builder refusing to refund our booking amount. What can be done?
07-May-2023 (In Property Law)
A renowned Gurgaon builder is refusing to cancel / refund our booking amount and not even giving us a copy of the LOI agreement that we had signed while buying the property from them. Now we have some financial constraints and are unable to pay the next EMI and when we approached their office we were told that we cannot cancel and the entire 15% booking amount of 20 Lacs paid by us will be forfeited.
We want to cancel and can pay some penalty but not the entire 20 Lacs. What should we do now?
It depends on the terms of the Agreement. Such Agreements generally provide for a clause whereby in case the booking is cancelled then a percentage of the amount is deducted as penalty and the rest is refunded.
You need to try and procure the LOI / Agreement and based on the terms can you claim the money.
Once you are able to get a copy of the Agreement, a recovery suit can be filed for the recovery of the amount.
Kindly contact us for any further details and action.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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