Hi, I have got a offer for Pre-launch of one project from one re-known builder. His offer says that I need to give 30% of considerable value for booking in Pre-launch and he will issue me Allotment Letter. He will launch his project after one year atleast with 20% increase in the base price. I want to know whether "allotment letter" is a legal document and can I fight on the basis of Allotment letter if something goes wrong in the deal? If he delays the launch or withdraw the project? Is this a general practice followed by all builders and how much risk is involved in this type of transaction. Pls help me to clear my doubts. Thanks!!
