For the registration of the sales contract, the stamp duty must be paid by the buyer. For example, Uttar Pradesh calculates 2% stamp duty, which means that if a person buys an apartment for Rs 50 Lakh, they end up paying 1 Lakh Rs as stamp duty (2%) at the time of the agreement. Therefore, if a buyer wishes to leave a project, he must waive not only the amount of the booking paid to the developer, but also the amount of the registration. In addition, GST is not reimbursed. Thus, a buyer loses about 10-12% of the cost of real estate when cancelling a project reservation. It is quite common for developers to charge a cancellation fee, which represents about 10% of the cost of real estate. Keep in mind that even if no BBA has been signed, a buyer has the right to cancel the unit before the contract and can go to the real estate supervisory authority. The owner is also bound by the Real Estate Act to return the money recovered by the buyers within 45 days after deducting the amount of the booking. In addition, if the real estate developer does not give ownership of the property or has not completed the project according to the agreed time, the buyer may terminate the contract and is entitled to repay the amount paid with interest within 45 days of the termination. However, in a recent press release, Haryana RERA stated that buyers will not be reimbursed when the 40 percent of the project is completed. 2. You also said: "The clause of the contract stipulates that 10% of the lump sum value expires", cancellation of a lump sum booking, depends on the terms of the sale contract.

Buyers should ensure that they read the retraction clause carefully before signing the contract. If you pay a deposit amount, make sure you have some kind of documentation to help your case. "Save all confirmation documents received instead of a payment, especially if there is no agreement. Pay by cheques or wire transfers instead of cash, so that there is a paper trail. Keep all letters of attribution, confirmation letter, copies of the application form and other documents safe so that you can claim a right when needed," said Abhinav Kaul, Vice President, Strategic Partnerships, BankBazaar, an online marketplace for financial instruments. Another option you might consider is refinancing the longer term loan and the lower ME to reduce the load in these difficult times. But if you`re a buyer for a new project and you can finance your EMIs, you may have to bear the consequences if too many other buyers return. The project may become bogged down or completely frozen due to a lack of resources. "It depends on the owner in question. Large organized developers are sufficiently capitalized and would not see their project funding bogged down due to customer cancellations. Small owners can have problems," Thakur said. Just like the best time to think about selling a home, if you decide to buy a home, the best time is to think about terminating a contract when you sign a contract.

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