Hello,
I have booked a flat in Bangalore with a smaller builder, and on 15th of July paid the booking amount of 15L through cheque. I have not signed any sales agreement. On 12th of August, I informed the builder that due to personal constraints, as well as bank not agreeing to fund the entire loan amount requested for, I wished to cancel the booking and have my booking amount refunded.
In my discussion on 12th of August, he started to mention that in those 25 days, they had "turned down other prospect buyers" etc, and that he had to "calculate" on refund and come back to me. The builder is now also not at all so friendly, cooperative etc...
What can I expect in this kind of situation? The booking amount receipt does not mention anything on refunds, deductions etc. I brought this up in conversation with the builder when paying the booking amount, asking what if the bank would not sanction the loan, and he then assured that the booking amount would be refunded.
Please advise.
