TERMS AND CONDITION BOOKING OF COMMERCIAL SPACE
The NEO Developers empowers the property buyer to cancel an allotment of the commercial space booked with a builder at any stage even if there is no default on the part of the developer. It binds the builder to return the money collected from the buyers within 45 days of such cancellation after deducting the booking amount as per the Builder buyer Agrement.
There are various stages for which money is involved for the Allotment of property:
- Booking amount/Token money
- Registration charges
- GST (Goods and Service Tax) Treatment for refund of money is different in every case.
1. Booking amount/ Token money- It shall be forfeited by the developer in every case as the seller has to suffer losses if the deal has been cancelled by the buyer or Customer will be responsible to complete the 10% of (BSP) within 7 days from the date of Paying Token Money. In the condition of Refund Case Bank Transaction Charges will be deduct from The Buyer.
2. Registration Charges- When a property gets registered with the Registrar, then along with sale deed and agreement to sale, the buyer has to pay the registration charges for getting its property registered. The amount paid to the Government is non-refundable.
3. GST- When the buyer books an Under-Construction Property, as per the existing laws, the developer levies a GST on the agreement value, at a certain rate. This rate will depend on whether the property falls under the ‘Commercial Space’ category or not and on whether the developer is availing of the GST
For any reason, if the buyer wants to cancel the booking and thus, surrender his rights over the under-construction property, the builder will Refund the amount as per the Builder buyer Agreement.