Common use of Cancellation by Allottees Clause in Contracts

Cancellation by Allottees. The ALLOTTEES shall have the right to cancel/withdraw his allotment in the Project as provided in the Act: Provided that where the ALLOTTEES proposes to cancel/withdraw from the project after the issuance of Allotment Letter and before signing agreement without any fault of the promoter, the promoter is herein entitled to deduct Rs 1,00,000/- (Rupees One Lakh Only) from the amount paid by the allottee till the time of such cancellation. Further, if the allottee proposes to cancel/ withdraw from the project after signing the agreement and before registration of conveyance deed without any fault of the promoter, the promoter is herein entitled to forfeit the booking amount that is 10% (Ten percent) of the property cost along with pending interest payable by the allottee Taxes/ GST once paid cannot be refunded. Under both the situation, the promoter shall deduct the above mentioned charges as the case may be from the amount paid by the allottees and shall refund the remaining amount to the allottees within 45 days of such cancellation.

Cancellation by Allottees. The ALLOTTEES shall have the right to cancel/withdraw his allotment in the Project as provided in the Act: Provided that where the ALLOTTEES proposes to cancel/withdraw from the project after the issuance of Allotment Letter and before signing agreement without any fault of the promoter, the promoter is herein entitled to deduct Rs 1,00,000/- Rs/- (Rupees One Lakh Only) from the amount paid by the allottee till the time of such cancellation. Further, if the allottee proposes to cancel/ withdraw from the project after signing the agreement and before registration of conveyance deed without any fault of the promoter, the promoter is herein entitled to forfeit the booking amount that is 10% (Ten percent) percent of the property cost along with pending interest payable by the allottee Taxes/ GST once paid cannot be refundedif any. Under both the situation, the promoter shall deduct the above mentioned charges as the case may be from the amount paid by the allottees and shall refund the remaining amount to the allottees within 45 days of such cancellation.