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Can builder forfeit my booking amount
24-Feb-2023 (In Property Law)
I have booked a commercial shop in Gurgaon by M3M in 2017. I have paid almost 60 percent of the property value to builder 4 years back in 2017. Only the application form was signed between us. The builder till date has not executed any builder buyer agreement since 4 years. Now I need to pay rest 40 percent which I am unable to arrange due to Covid19 problems. The builder has sent me pre cancellation notice that he will cancel the unit in 15 days and forfeit the booking amount. Now my question is that can the builder forfeit my booking amount in case where he has not registered the builder buyer agreement in court. Also what should I do to minimize my loss- I mean to say is there a possibility of negotiation with the builder . Please suggest Thanks
Hello builder can not forefeight the money abruptly in absence of builder buyer agreement only contractual document signed is application form hence terms and conditions of the the application form is binding, you can approach RERA or Consumer forum for appropriate remedy.
Helpful?
15+
15+
Adv. Ranbir Singh
Faridabad | 500+ Answers
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In case builder has not signed the BBA till date and as per payment plans further seeking due amount.
You should start your conversation via email instead of having any sought of communication through telephone.
Please write to your builder or any representative seeking execution of BBA.
After execution of BBA go through the cancellation clause mentioned by them.
As you have booked in 2017 which means your BBA has to be as per RERA guidelines and as per RERA there is a minimal amount of fee to be deducted.
Builder can not forfeit all the amount given till date.
You should start your conversation via email instead of having any sought of communication through telephone.
Please write to your builder or any representative seeking execution of BBA.
After execution of BBA go through the cancellation clause mentioned by them.
As you have booked in 2017 which means your BBA has to be as per RERA guidelines and as per RERA there is a minimal amount of fee to be deducted.
Builder can not forfeit all the amount given till date.
Helpful?
21+
21+
Adv. Rakshith Srivastava
Gurgaon | 25+ Answers
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