• Booking Amount refund

I had booked a unit in Sikka Mall of Noida for Rs 1 Lakh. After a month I decided not to go ahead with the booking as the unit is not a lockable space. I have filed an application to Sikka requesting the refund of my booking amount of Rs 1 Lakh.
They have given me a stamped received copy of application. However I did not ask the tentative time frame for refund. Please let me know what is my legal standing for recovering the said booking amount. The money was taken on 2nd fen 2024 and I filed application for refund on 16th March 2024.
Asked 9 months ago in Consumer Law

First answer received in 30 minutes.

Lawyers are available now to answer your questions.

7 Answers

1) you have cancelled booking 

 

2) you are entitled to refund after deduction of 1.5 per cent of consideration value as cancellation done within period of 60 days 

 

3) Citing a recent Maharashtra Real Estate Regulatory Authority (MahaRERA) circular that indicates that a developer can only deduct 2% of the entire property amount in the case of booking cancellation by a home buyer, the MahaRERA issued an order directing Raymond Realty to take away 2% of the overall flat cost without charging interest to an allottee.

Ajay Sethi
Advocate, Mumbai
97243 Answers
7853 Consultations

You can seek refund the same by filing rera complaint 

Prashant Nayak
Advocate, Mumbai
32675 Answers
207 Consultations

Send a legal notice for refund.

 

They should return this amount, as long as there is no clause in the allotment terms/agreement you signed with them, empowering them to forfeit this amount. 

Vibhanshu Srivastava
Advocate, Lucknow
9670 Answers
310 Consultations

- If no agreement was signed by you at the time of booking , then you are entitled to get full refund, 

- If refused, then send a legal demand notice to the Sikka Mall . 

Mohammed Shahzad
Advocate, Delhi
14641 Answers
224 Consultations

The money should be refunded by the builder but usually they do not. What you can do is send a legal notice and if they do not comply then file a complaint under the rera act before the rera tribunal.

Rahul Mishra
Advocate, Lucknow
14107 Answers
65 Consultations

Developers registered under the RERA are bound to return the amount collected at the time of purchase in case of cancellation within 45 days of cancellation. However, it is essential to note that RERA also empowers builders to deduct the booking amount paid to purchase that real estate during the return.

Many rules and regulations may differ from state to state or case to case

You can cancel & receive a full refund if you and the builder do not agree with any deduction from the booking money.

You may issue a legal demand notice demanding the return  of the booking amount.

T Kalaiselvan
Advocate, Vellore
87436 Answers
2348 Consultations

Dear client,  RERA regulations state that a builder or seller has 45 days from the date of cancellation to return the money that was collected at the time of purchase, less the booking amount.

If the developer declines to return the booking money, the buyer may bring a case in a consumer forum to seek a refund of the rental property for interest.

Anik Miu
Advocate, Bangalore
10285 Answers
121 Consultations

Ask a Lawyer

Get legal answers from lawyers in 1 hour. It's quick, easy, and anonymous!
  Ask a lawyer