- Orders RERA
RERA clarified that the amount paid by the buyer for the booking must be refunded due to the cancellation of the booking on account of financial problems. In a case, RERA instructed a developer to refund the booking amount, deducting only 1% from the total flat price. Pulakesh G. Majumdar had booked a flat worth Rs. 67 lakhs in Thane near Mumbai and paid Rs. 1 lakh on April 3, 2022. However, due to financial issues, he canceled the booking within 45 days, but the developer did not refund the amount.
The developer argued that, according to the agreement, the amount was non-refundable. Consequently, Majumdar approached Maharashtra RERA. After hearing the case, RERA stated that deducting 1.5% of the total apartment value was unreasonable. It mentioned that if the booking is canceled within 45 days, the rules permit a 1% deduction. Therefore, after deducting 1% of the total value of the flat, the developer was instructed to return the amount paid by the buyer without any interest.
