Common use of Cancellation by Allottees Clause in Contracts

Cancellation by Allottees. The Allottee’s shall have the right to cancel/withdraw his allotment in the Project as provided in the Act: Provided that where the allottee’s proposes to cancel/withdraw from the project without any fault of the promoter, the promoter herein is entitled to forfeit the booking amount paid for the allotment/10% (ten percent) of the total cost of the unit whichever is higher. The balance amount of money paid by the Allottees shall be returned by the promoter to the Allottees within 45 days 06 months of such cancellation, on rebooking of the same unit and receipt of payment from the new allottee of equal amount whichever is earlier.

Cancellation by Allottees. The Allottee’s shall have the right to cancel/withdraw his allotment in the Project as provided in the Act: Provided that where the allottee’s proposes to cancel/withdraw from the project without any fault of the promoter, the promoter herein is entitled to forfeit the booking amount paid for the allotment/10% (ten percent) of the total cost of the unit whichever is higher. The balance amount of money paid by the Allottees shall be returned by the promoter to the Allottees within 45 days 06 months of such cancellation, or on rebooking of the same unit and receipt of payment from the new allottee of equal amount whichever is earlier.