Common use of Cancellation by the Allottee Clause in Contracts

Cancellation by the Allottee. 7.5.1 The Allottee shall have the right to cancel/ withdraw his allotment in the Project as provided in the Act: Provided that where the Allottee proposes to cancel/withdraw from the project without any fault of the Promoter, the Allottee shall serve a 12 (twelve) months’ notice in writing on the Promoter in that regard and on the expiry of the said period the allotment shall stand cancelled and the Promoter shall be entitled to forfeit the Booking amount equal to ten (10) percent of the consideration for the Allotted Apartment and deduct from the balance consideration all interest liabilities of the Allottee accrued till the date of cancellation and brokerage paid to the real estate agent/broker, if any and the amount of stamp duty, registration fee and allied expenses and incidentals and legal charges payable on deed of cancellation of this agreement and the applicable GST payable on such amounts. The balance amount of money paid by the Allottee shall be returned by the Promoter to the Allottee without interest within 45 (forty-five) days of such cancellation or on transfer of the Allotted Apartment to a new Apartment Acquirer, whichever is earlier. However, may it be clarified that upon the Allottee issuing notice to the Promoter/cancelling withdrawing from the Project as aforesaid, the Promoter and the Owners shall become free to enter into agreement for transfer of the same Allotted Apartment to a new Apartment Acquirer and to that the Allottee shall not be entitled to raise any objection or dispute and that the balance amount shall be payable subject to the execution and registration of the Deed of Cancellation by the Allottee. 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 Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.

Cancellation by the Allottee. 7.5.1 The Allottee shall have the right to cancel/ cancel/withdraw his allotment in the Project as provided in the Act: Provided that where the Allottee proposes to cancel/withdraw from the project Project without any fault of the Promoter, the Allottee shall serve a 12 (twelve) months’ notice in writing on the Promoter in that regard and on the expiry of the said period the allotment shall stand cancelled and the Promoter shall be herein is entitled to forfeit the Booking amount equal to ten (10) percent entirety of the consideration Booking Amount paid for the Allotted Apartment and deduct from allotment. The Promoter shall refund the balance consideration all interest liabilities of the Allottee accrued till the date of cancellation and brokerage paid to the real estate agent/brokeramount, if any of the Total Price of the Apartment after adjusting the Booking Amount and the amount of stamp dutyafter also deducting interest on any overdue payments, registration fee and allied expenses and incidentals and legal brokerage/referral fees, administrative charges payable on deed of cancellation of this agreement and the applicable GST payable on such amounts. The balance amount of money paid by the Allottee shall be returned as determined by the Promoter to the Allottee without interest and exclusive of any indirect Taxes, stamp duty and registration charges within 45 (forty-five) days from the date of such cancellation or on transfer provided that the Allottee has executed a registered of cancellation in respect of the Allotted Apartment to a new Apartment Acquirer, whichever Unit within such period of 45 (forty five) days. For the avoidance of doubt it is earlier. However, may it be clarified that the Promoter shall be required to pay the sums stated above only upon the Allottee issuing notice to having executed a registered deed of cancellation. The Allottee shall, at his own costs and expenses, execute all necessary cancellation related documents required by the Promoter/cancelling withdrawing from the Project as aforesaid, the Promoter and the Owners shall become free to enter into agreement for transfer of the same Allotted Apartment to a new Apartment Acquirer and to that the Allottee shall not be entitled to raise any objection or dispute and that the balance amount shall be payable subject to the execution and registration of the Deed of Cancellation by the Allottee. It is clarified that all amounts collected as taxes, charges, levies, cess, assessments and impositions and deposited with the appropriate authorities concerned shall statutory payments made by the Allottee/s will not be returned by refunded. Further any Tax payable towards refund of sums in the Promoter and manner provided herein shall be to the account of the Allottee. Upon the termination of this Agreement, the Allottee shall have no claim of any nature whatsoever on the Promoter and/or the said Apartment/Unit and the Promoter shall be free entitled to approach deal with and/or dispose of the authorities concerned for refund of such taxes, charges, levies, cess, assessments Apartment/Unit in the manner it deems fit and impositionsproper.

Cancellation by the Allottee. 7.5.1 The Allottee shall have the right to cancel/ withdraw his allotment in the Project as provided in the Act: Provided that where the Allottee proposes to cancel/withdraw from the project without any fault of the PromoterPromoter or the Owner, the Allottee shall serve a 12 6 (twelveSix) months’ notice in writing on the Promoter and the Owner in that regard and on the expiry of the said period the allotment shall stand cancelled and the Promoter shall be entitled to forfeit the Booking an amount equal to ten (10) percent of the consideration for the Allotted Apartment and deduct from the balance consideration all interest liabilities of the Allottee accrued till the date of cancellation and brokerage paid to the real estate agent/broker, if any any, legal charges paid to the Promoter and the amount of stamp duty, registration fee and allied expenses and incidentals and legal charges payable on deed of cancellation of this agreement and the applicable GST payable on such amounts. The balance amount of money paid by the Allottee shall be returned by the Promoter to the Allottee without interest within 45 (forty-five) days of such cancellation or on transfer of the Allotted Apartment to a new Apartment Acquirer, whichever is earlier. However, may it be clarified that upon the Allottee issuing notice to the Promoter/Promoter and the Owner cancelling withdrawing from the Project as aforesaid, the Promoter and the Owners Owner shall become free to enter into agreement for transfer of the same Allotted Apartment to a new Apartment Acquirer and to that the Allottee shall not be entitled to raise any objection or dispute and that the balance amount shall be payable subject to the execution and registration of the Deed of Cancellation by the Allottee. 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 Allottee shall be free to approach the authorities concerned for refund of such taxes, charges, levies, cess, assessments and impositions.