Cancellation of a flat can occur in numerous cases and for varied reasons. Either the home buyer decides to back out of the deal or the builder might end up in trouble and hence not proceed with the sale. Anyway, your question is quite valid and should be addressed properly. Let me tell you can a builder cancel a registered flat RERA or not.
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It is a tricky one as the builder can do so through the legal route if the buyer is unable to pay the amount as per the agreement signed with the buyer. However, if the builder gets caught in the middle of legal issues with regards to the project, the buyer must proceed with the cancellation after reading the terms and conditions of cancellation mentioned in the signed agreement. He/she can also seek legal advice on the same.
What are the important facts about the flat cancellation by the builder?
1) The builder has no authority to cancel the agreement due to the buyer's misbehaviour if the seller and buyer have signed a sales agreement. The builder can’t cancel it if the buyer has fulfilled all requirements and conditions of the agreement.
2) The builder cannot cancel a deed if the buyer paid full payment and it was registered. Only a court may do so if it can be proved that there was scam and fraud at the time of execution.
3) It is impossible to cancel a sale deed if it has been recorded. The builder may cancel, but mostly in line with the agreement and conditions of the agreement to sell.
What things to remember as a buyer?
The builder-buyer agreement must be recorded before you as a buyer has any legal rights to the property.
Check the cancellation of booking condition thoroughly, and if you discover that it strongly favours the seller, ask to have it modified.
Obtain a receipt from the seller for each transaction, and maintain a safe copy of each one.
This is all from my end about can a builder cancel a registered flat.
Read More: Can a builder sell open area equivalent to refuge area in society? Can allottee demand delay penalty after builder offering possessions? Can a registered sale agreement be cancelled?Your Feedback Matters! How was this Answer?
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Can a builder cancel a registered flat?
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2022-12-20T09:17:47+00:00 2022-12-20T09:17:48+00:00Comment
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