Can Promoter refund the amount to the Buyer, upon termination, after selling it to a new Buyer?
There have been various instances, where the deal between the Promoter and Buyer goes off and Promoter states the refund shall be made upon selling the flat, shop, etc to a new Buyer. Can this be permitted? Broadly the scenarios can be categorised into two. The first when there has been some default on account of the Promoter like delayed possession, etc. and second when withdrawal by the Buyer for his/her own accord like short of funds, etc.
In the first scenario, Buyer has two options - first, to withdraw from the project, where he/she can get interest + compensation. Second, Buyer wishing to continue in the project; shall get interest every month till possession.
In the second scenario;
Before execution and registration of the Agreement; the terms, which are governed by the Allotment letter, state the refund shall be made within 45 days from the receipt of cancellation request by the Buyer.
After execution and registration of the Agreement; the terms, which shall be governed by the Agreement, state Promoter shall give notice of 15 days and on non-compliance shall refund the amount within 30 days of termination.
How much amount can be or should be refunded is topic in itself which shall be covered in next post.
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The information relayed in this blog should not be construed as legal advice. The applicability of information varies on the basis of the circumstances of each case. But feel free to call us for similar advice.
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