Common use of Cancellation by Allottees Clause in Contracts

Cancellation by Allottees. (i) The Allottees shall have the right to cancel/ withdraw his allotment in the Project as provided in the Act: Provided that subject to clause 7.5(ii) below, where the Allottees proposes to cancel/withdraw from the project without any fault of the Promoter, the Allottees shall serve a 12 (twelve) months’ notice in writing on the Promoter and on the expiry of the said period the allotment shall stand cancelled and the Promoter herein shall be entitled to forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottees shall, subject to clause 7.5(iii) below, be returned by the Promoter to the Allottees within 45 (forty-five) days of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation. (ii) Where the Allottees proposes to cancel/withdraw from the Project without any fault of the Promoter then in such event the Allottees shall be entitled to exercise such right of termination only if on the date when the Allottees so expresses his intent to terminate this Agreement, the Total consideration of Apartmentthen prevailing for transfer of an Apartment in the Project is not less than the Total consideration of Apartmentpayable by the Allottees under this Agreement, and the Allottees agree(s) and undertake(s) that the decision of the Promoter in this regard shall be final and binding on the Allottees. (iii) It is clarified that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottees shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.

Cancellation by Allottees. (i) The Allottees shall have the right to cancel/ cancel/withdraw his his/ her/ its allotment in the Project as provided in the Act: . Provided that subject to clause 7.5(ii) belowthat, where the Allottees proposes to cancel/withdraw from the project without any fault of the Promoter, the Allottees shall serve a 12 (twelve) months’ notice in writing on the Promoter and on the expiry of the said period the allotment shall stand cancelled and the Promoter herein shall be entitled to forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottees shall, subject to clause 7.5(iii) below, be returned by the Promoter to the Allottees within 45 (forty-five) days of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation. (ii) Where the Allottees proposes to cancel/withdraw from the Project without any fault of the Promoter then in Vendor-Cum-Developer, the Vendor-Cum-Developer herein shall be entitled to forfeit the Booking Amount (being 10% of the Total Price inclusive of applicable Taxes) paid for the allotment, along with the interest liabilities, and together with deduction of such event other tax/levy as may be applicable at the time of such withdrawal by the Allottees. The balance amount of money paid by the Allottees shall be entitled returned by the Vendor-Cum-Developer to exercise such right of termination only if on the date when the Allottees so expresses his intent to terminate this Agreement, within 45 (forty five) days of such cancellation. Such refund shall be made without any interest or compensation and all charges and expenses that may be incurred by the Total consideration Vendor-Cum-Developer in making such refund shall be borne by the Allottees. Upon withdrawal or cancellation of Apartmentthen prevailing for transfer of an Apartment in the Project is not less than the Total consideration of Apartmentpayable allotment by the Allottees under this Agreement, the Vendor- Cum-Developer shall have the right to re-allot the Apartment to any third party thereafter and the Allottees agree(s) and undertake(s) that the decision prior allotment in favour of the Promoter in this regard shall be final and binding on the Allottees. (iii) It is clarified that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and Allottees will stand cancelled. All rights of the Allottees under any allotment letter issued or this Agreement shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositionsalso stand terminated.

Cancellation by Allottees. (i) The Allottees shall have the right to cancel/ withdraw his their allotment in the Project as provided in the Act: Provided that subject to clause 7.5(ii) below, where the Allottees proposes to cancel/withdraw from the project without any fault of the Promoter, the Allottees shall serve a 12 (twelve) months’ notice in writing on the Promoter and on the expiry of the said period the allotment shall stand cancelled and the Promoter herein shall be entitled to forfeit an amount equal to the Cancellation Charges and the applicable GST payable on such Cancellation Charges. The balance amount of money paid by the Allottees shall, subject to clause 7.5(iii) below, be returned by the Promoter to the Allottees within 45 (forty-five) days of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirer, whichever is earlier. However may it be clarified that the balance amount shall be payable subject to the execution of the Deed of Cancellation. (ii) Where the Allottees proposes to cancel/withdraw from the Project without any fault of the Promoter then in such event the Allottees shall be entitled to exercise such right of termination only if on the date when the Allottees so expresses his their intent to terminate this Agreement, the Total consideration Consideration of Apartmentthen Apartment then prevailing for transfer of an Apartment in the Project is not less than the Total consideration Consideration of Apartmentpayable Apartment payable by the Allottees under this Agreement, and the Allottees agree(s) and undertake(s) that the decision of the Promoter in this regard shall be final and binding on the Allottees. (iii) It is clarified that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall not be returned by the Promoter and the Allottees shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.