How can I withdraw from a sales agreement after paying the booking amount?

[Megavasant3623]

M

Megavasant3623
PARTICIPANT
May 7, 2025 at 7:22 am

I bought a under construction property 2 months ago and signed the agreement like 3 weeks ago. I want to withdraw now because I have ran into some financial problems and I don’t know what to do. I have just paid the booking amount (10%) till now and my loan hasn’t started yet.

I checked the agreement and Clause 28 – Cancelation of the agreement states that “Where the allottee proposes to cancel/withdraw from the project without any fault of the promoter, the promotor herein is entitled to forfeit the booking amount paid for the allotment, the balance amount of money paid by allottee excluding statutory payments shall be returned by the promotor to the allottee within 60 days of such cancellation against the allottee having executed and registered a cancelation agreement for termination of the agreement”

Am I screwed? Is mutual understanding cancelation the only way for me?

Thanks.

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[Gauravtiger377]

G

Gauravtiger377
PARTICIPANT
May 7, 2025 at 7:38 am

Not many options available.

Request them stating your real cause for which you can’t pay them the remaining.

As per the agreement of sale,you lose your advance amount.
Promoter can enforce it legally.

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[Quickkamlesh2493]

Q

Quickkamlesh2493
PARTICIPANT
May 7, 2025 at 8:12 am

You will have to forego. If this a reputed builder then you may try to convince him OR alternatively get another buyer and ask builder to replace your unit and allot to this buyer. Either buyer can pay you directly or builder can pay you

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[Quickguru4523]

Q

Quickguru4523
PARTICIPANT
May 7, 2025 at 8:41 am

If the builder doesn’t refund you have no option but to let it go or sell your allotment to someone else

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