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 subject to clause 6.5(ii) below, where the Allottee proposes to cancel/withdraw from the project without any fault of the Promoter, the Allottee shall serve a six (6) 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 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 amount of stamp duty, registration fee and allied expenses to be paid/paid 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, subject to clause 7.5.3 below, be returned by the Promoter to the Allottee 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.

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 subject to clause 6.5(ii) below, where the Allottee proposes to cancel/withdraw from the project without any fault of the Promoter, the Allottee shall serve a six (6) 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 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 to be paid/paid 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, subject to clause 7.5.3 7.5.2 below, be returned by the Promoter to the Allottee within 45 (forty-five) days of such cancellation or on transfer of the Said Allotted Apartment to any other Apartment Acquirer, whichever is earlier. However However, it may it be clarified that the balance amount shall be payable subject to the execution and registration of the Deed of CancellationCancellation by the Allottee.

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 subject to clause 6.5(ii) below, where the Allottee proposes to cancel/withdraw from the project without any fault of the Promoter, the Allottee shall serve a six 6 (6six) months’ notice in writing on the Promoter and on the expiry of the said period period, the allotment shall stand cancelled and the Promoter herein shall be entitled to forfeit the Booking amount equal to ten 10 (10ten) percent of the total consideration for the Allotted Apartment and deduct the same 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 amount of stamp duty, registration fee and allied expenses to be paid/paid and incidentals and legal charges payable on the deed of cancellation of this agreement and the applicable GST payable on such amounts. The balance amount of money paid by the Allottee shall, shall subject to clause 7.5.3 below, 7.5.2 hereinbelow be returned by the Promoter to the Allottee within 45 (forty-five) days of such cancellation or on transfer of the Said Apartment to any other Apartment Acquirercancellation. However, whichever it is earlier. However may it be clarified that the balance amount shall be payable subject to the execution and registration of the Deed of CancellationCancellation by the Allottee.