Latest news with #RERA-prescribed

Business Standard

Flat booking cancellation and refund: Evaluate finances, do due diligence

Homebuyers should understand RERA-based cancellation and refund rules before entering into a builder agreement, especially regarding earnest money and default timelines Sanjeev Sinha New Delhi Listen to This Article The Haryana Real Estate Regulatory Authority (Haryana RERA) recently denied a refund to a homebuyer whose allotment was cancelled due to non-payment of instalments. The buyer had paid less than 10 per cent of the total sale consideration. A case like this underscores the need for buyers to understand cancellation rules before entering into a purchase agreement with a developer. Rules on cancellation and refund RERA does not explicitly define cancellation provisions. 'The builder–buyer agreement (based on the RERA-prescribed model format) governs cancellation rights and consequences,' says Adnan Siddiqui, partner, King Stubb & Kasiva, Advocates and Attorneys.