MYTH-72. “YOU CAN TAKE YOUR MONEY BACK ANY TIME YOU WANT.”
1. Getting a refund from a cash-strapped company is not easy.
2. The salesperson who is hawking the property is focused sharply on the down payment.
3. There is no norm that builders are required to follow while cancelling bookings.
4. While some builders deduct 10% of the booking amount, others deduct up to 20%, whereas smaller developers may forfeit the entire booking amount.
5. The only way to avoid getting into a situation like this is to do your homework before you book an apartment.
6. Even after you have decided on a project, avoid paying the booking amount in cash because some developers don’t give the receipt till you pay the full booking amount.
7. If the rest of the amount is in the form of a cheque or demand draft, the builder may issue a receipt for this amount alone, claiming to adjust the cash in the balance payment.