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When does the status of the allottee revert post the cancellation?
Firstly, the status of the allottee signifies whether he can file a complaint before the RERA Authority.
#HomeBuying#RealEstate
If a major chunk is refunded and the remaining is deducted as per the allotment letter or agreement and there is no dispute for the deducted amount and cancellation has been effected then that person is no longer an Allottee.
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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 new 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.
What if no possession date is agreed between Buyer and Promoter?
It is mandatory to disclose/agree upon the possession date, but it could be missed. Various such cases have appeared before the RERA Authority and Appellate Tribunal,leading to the question of the possession date..
However, depending on the stage of construction, the period shall vary.
What should the buyers do in such a case? Discuss the possession date affront which shall be mentioned without fail in the agreements to plan out between the existing home’s rent, pre-EMI...