The ruling will help buyers make a case for paying a lower amount should their home allotment letters specify a higher forfeiture in case of cancellation of bookings
The Maharashtra Real Estate Regulatory Authority (MahaRERA), in a recent order, directed the developer of Kalpataru Avana, a luxury real estate project in central Mumbai, to deduct 2 percent of the total price of flats, and not 10 percent, for cancellation of booking by homebuyers. The ratio mentioned in the letter of intent (LOI) signed between homebuyers and Kalpataru Limited, the developer, was 10 percent. MahaRERA said the proportion mentioned in one of the clauses of the LOI appears to be unreasonable.
https://www.moneycontrol.com/news/business/real-estate/maharera-orders-developer-to-deduct-2-not-10-of-the-price-of-apartment-for-cancelled-booking-9138651.html
Source: Money Control
