Express Money: Ask Us
We had booked an apartment in Chennai in January 2012, which was slated to be completed by April, 2014. We paid a booking advance of Rs 50,000 and then the first installment to the builder. However, we are yet to sign the construction and sale agreement. I would like to withdraw from this project. How can I go about it?
Frankly speaking, withdrawing from a real estate project is extremely difficult. The agreement that you sign with the developer typically has no clause which allows you to withdraw from it. You may not be able to recover your money. As per your query however it appears that you may not have signed any agreement yet that indicates your actual purchase of the property. This could either work for or against you but either way it is unclear if you can get out of the situation without any loss of funds. If the builder is not ready to refund the amount, then this decision is best consulted with a lawyer as this is more a legal issue than a financial one. There could be legal aspects that could help you out of this situation.
—Expert advice by Adhil Shetty,CEO, Bankbazaar
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