Canceling an apartment booking in India whether before or after the agreement is a decision that comes with significant legal and financial implications. Typically, developers deduct a cancellation fee (usually around 10% of the booking amount) before refunding the rest.
Under RERA, buyers are entitled to a refund within 45 days, and fees can be capped as low as 2% of the property's cost.
Decisions should be driven by careful review of the booking or sale agreement, documentation of all communications, and an understanding that taxes like stamp duty and GST may have different refund eligibility.
If the developer fails to comply, buyers can seek recourse through RERA, consumer forums, or court .
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