The mode with which you made the payment, RERA Relief is available to the manufacturer`s standard, but here u has resigned. What are the terms of the agreement? AND what financial crises. So major in nature, however, since Dutta and Bhattacharyya the apartment booked online during the closing, there is some hope. According to Prashant Thakur, Director and Director of Research, ANAROCK Property Consultants, the owners had to do things differently during the blockage. “The demolition process varies from project to project and from contractor to contractor. Goods that were booked prior to closing may not be able to obtain a full refund. There would be a certain percentage of the cancellation fee by the owner. However, during the blocking period, there were a whole series of projects in which the owners asked the buyers of the house to pay a certain amount as a booking amount, with the possibility of obtaining a full refund if they do not want to continue after the block if they can visit the site,” he said. The cancellation of a lump sum booking depends on the terms and conditions of the sales contract. Buyers should ensure that they read the retraction clause carefully before signing the contract. The Mumbai Bank of the Income Tax Appellate Tribunal (ITAT) recently decided that if a buyer receives more than he actually paid as a serious down payment, he must pay taxes on that excess income. In the Tribunal`s view, the excess amount will not be the same as the capital inflow, but it will be treated the same as capital gains.
If you have not signed an agreement with the owner, from where do you say that there is a clause that allows the owner to lose your serious/anticipated deposit? If the developer has collected GST from you, they may or may not agree to refund this amount, as they may have already paid this amount on the government balance. File a claim in accordance with Section 29 of RERA to set up the amount of the advance paid. Joydeep Karmakar was happy to give up rent and become a landlord when things stopped. The 43-year-old, who works in the travel industry, had paid bail on his savings to book an apartment in a full-fledged building and borrowed to finance the rest, when he was suddenly without constant income. Karmakar realized that the impact of covid-19 on its sector and revenues would not be short-lived, and decided to opt out of the purchase. But when he tried to cancel the reservation, the owner told him that he would not get his deposit back. “He said he reinvested the money in the project, so he couldn`t pay it back,” said Karmakar, who is already tied up for cash, and losing the deposit amount is the last thing he needs. The purchase agreement is important, but in the absence of the agreement, the owner should refund the full amount of the booking.
This is what the legal eagle opine than force majeure advocacy can help claim a lot again. These are difficult times in many ways, and faced with a shortage of money or uncertainty about your income is a huge opportunity. If you have booked an apartment but cannot afford to pay for it in the future, it makes sense to cancel your booking, even at the risk of losing some money now. If you decide to make the purchase, make sure you have enough in your emergency fund to serve credit EMIs if your income is reduced or dried up due to the economic downturn.