Rara In an important decision, the builder has ordered that the customer who cancelling the house will have to return the entire amount of booking within the stipulated time. If the builder does not refund the complete refund within the stipulated time, he will have to return the money with interest. Actually, this case is from Mumbai. A customer had booked a house of Rs 2.27 crore by paying Rs 7 lakh in a society of Lodha developers in Mulund, Mumbai. Lodha’s sales manager gave a verbal assurance to the customer that if he faces any kind of personal, financial problem or does not pass a loan from the bank, then all the money of booking will be refunded. However, the builder later overturned his statement.
The bank rejected the customer’s loan application
According to the Economic Times report, the bank rejected the customer’s home loan application, after which the customer appealed to the builder to return the booking amount. But the builder flatly refused to refund the customer citing the rules, after which the desperate customer moved to Maharera (Maharashtra RERA). The builder said that no refund can be issued for such circumstances according to section 1.4 and 3.5 of the terms of booking form, which was signed by home buyers.
Sales manager did not give information about the terms of sales booking form to the customer
After knowing the entire aspect of the customer and the builder, Maharera said in his judgment that the sales manager did not give complete information about the conditions of the booking form to the customer. Maharera said that the customer had signed the booking form on November 18 and informed the builder on November 27 within 9 days that his loan app has been rejected, so he should be refunded. Therefore, the argument of the builder that he has spent a lot of cost in the booking process and due to the commitment given by the customer, other potential buyers have lost the opportunity to sell the house, not acceptable.
Order to return full money by 15 July
Maharashtra RERA further in the judgment that it is wrong to seize the amount paid by the complainants and is against the purpose and purpose of the said Act, which has been enacted as a beneficial law to reduce the difficulty of home buyers. Therefore, it is unfair to seize the amount. Maharera said in his judgment, “The complainant is entitled to withdraw an amount of Rs 6,65,000 without interest. The builder is instructed to return the entire money on or before July 15, 2025, otherwise from July 16, 2025, SBI will be payable 2% more than the high MCLR till the recovery of the said amount. “
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