Can I proceed legally for recovery of token amount

I have given an advance of Rs.50000 against the property value fixed 2300000 to a party and mutualy signed the agreement(not mentioned anything about the returning of advance payment) for the same. But transaction was not happened because bank not approved the loan for that property. Now the party is not returning back my money. Can I proceed legally? Kindly give me an advice regarding this matter.

Answers (1)

318 votes

You can issue a notice for cancellation of booking to the builder, but as the cancellation has been necessitated by your inability to arrange the funds and not the default of the builder the latter can forfeit the balance amount in whole or part in accordance with the agreement.

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