I recently booked a flat in Ravet. It’s been nearly a month since registration, but due to a financial setback, we’re struggling to make the full payment. The loan hasn’t been finalized, and we’ve already paid around half the amount. Can we cancel the flat and get our stamp duty and registration fees back? Also, what would be the penalty from the builder if we cancel the booking?

Apni Law
Apni Law
Law Forum › Category: Property › I recently booked a flat in Ravet. It’s been nearly a month since registration, but due to a financial setback, we’re struggling to make the full payment. The loan hasn’t been finalized, and we’ve already paid around half the amount.

Can we cancel the flat and get our stamp duty and registration fees back? Also, what would be the penalty from the builder if we cancel the booking?

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Apni Law Staff asked 2 years ago

I recently booked a flat in Ravet. It’s been nearly a month since registration, but due to a financial setback, we’re struggling to make the full payment. The loan hasn’t been finalized, and we’ve already paid around half the amount.

Can we cancel the flat and get our stamp duty and registration fees back? Also, what would be the penalty from the builder if we cancel the booking?

1 Answers
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Best Answer

Apni Law Staff answered 2 years ago

Under Indian law, you may have the right to cancel the flat booking due to financial hardship, but recovering stamp duty and registration fees is unlikely. The builder might impose a cancellation penalty as per the agreement, which could vary depending on the terms and stage of construction. You should consult a lawyer to understand your specific rights and obligations.

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