The Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed a developer to partially refund the booking amount paid by two homebuyers after deducting 2% of the total booking amount.
Real EstateMahareraHomebuyersRefundJob LossReal Estate NewsJun 25, 2024
No, according to MahaRERA's order in August 2022, real estate developers are permitted to deduct a maximum of up to 2% of the total booking amount in case of cancellation of the booking.
Yes, according to lawyers, homebuyers are entitled to receive a refund of the booking amount along with interest.
According to MahaRERA's order in August 2022, the maximum amount that can be deducted by the developer is up to 2% of the total booking amount.
MahaRERA is a regulatory authority established under the Real Estate (Regulation and Development) Act, 2016, to regulate and promote the real estate sector in Maharashtra.
According to MahaRERA's order in August 2022, the developer has to refund the booking amount within 45 days from the date of cancellation of the apartment booking.
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