Refund Policy

Cancellation and Refund Policy

This Refund Policy outlines the terms and conditions governing cancellations, withdrawals, and refunds for property bookings with Siddhii Landmark. We adhere to all provisions of the Real Estate (Regulation and Development) Act, 2016 (RERA) and MahaRERA regulations.

Last Updated: January 1, 2025

1. Buyer's Right to Cancel/Withdraw

As per RERA regulations, buyers have the right to cancel or withdraw from the property booking under the following circumstances:

1.1 Cancellation Scenarios

• Voluntary Cancellation: Buyer wishes to cancel the booking of their own accord
• Non-Delivery: Developer fails to deliver possession by the agreed date (including grace period)
• Major Alterations: Significant changes to approved plans, specifications, or layout
• Non-Compliance: Developer violates RERA regulations or terms of agreement
• Failure to Obtain Approvals: Developer fails to obtain necessary clearances
• Structural Defects: Discovery of major structural issues or defects

2. Cooling-Off Period (14 Days)

Buyers have a 14-day cooling-off period from the date of booking to cancel without significant penalty.

3. Pre-Agreement Cancellation (Before Sale Deed)

Cancellation before signing the Sale Agreement but after the 14-day cooling-off period:

3.1 Refund Terms

3.2 What Deductions Cover

• Administrative and processing costs
• Legal and documentation expenses
• Marketing and sales expenses
• Opportunity cost of holding the unit

4. Post-Agreement Cancellation (After Sale Deed)

Cancellation after signing the Sale Agreement is governed by the terms of the Agreement and RERA Section 18.

4.1 Buyer-Initiated Cancellation

Typical Deductions:

• Within 6 months: 10-15% of total amount paid
• 6-12 months: 15-20% of total amount paid
• After 12 months: 20-25% of total amount paid
• Near possession: Up to 30% as per agreement

4.2 Developer-Initiated Cancellation

If Siddhii Landmark cancels the booking due to buyer's default (non-payment, violation of terms):

• Forfeiture of up to 30% of amount paid (as per RERA maximum limit)
• Deduction of outstanding dues, legal costs, and damages
• Balance amount refunded after deductions

5. RERA Section 18: Buyer's Rights in Case of Developer Default

Under RERA Section 18, if the developer fails to deliver possession by the agreed date or violates terms, the buyer may:

5.1 Interest on Refund

As per RERA regulations, the interest rate for refunds is the same as charged to buyers for delayed payments:

6. Refund Process and Timeline

6.1 How to Request a Refund

1. Submit Written Request:
   • Send cancellation request via registered post or email
   • Include booking details, reason for cancellation, and bank account details
   • Attach copies of booking receipt and payment proofs
2. Acknowledgment:
   • We will acknowledge your request within 7 working days
   • Provide you with a refund reference number
3. Document Verification:
   • Our team will verify your booking and payment details
   • Calculate refund amount as per policy
   • Timeline: 15-20 working days
4. Refund Approval:
   • Management approval for refund processing
   • Refund calculation communicated to you
   • Timeline: 10-15 working days
5. Payment Processing:
   • Refund processed to your bank account (original payment source)
   • Timeline: 45-60 days from approval date

6.2 Refund Timeline Summary

7. Refund Method and Bank Details

7.1 Refund Payment Mode

• Refunds will be processed via direct bank transfer (NEFT/RTGS)
• Refund to the original payment source (bank account used for payment)
• If original source is unavailable, refund to buyer's verified bank account
• No cash refunds will be provided

7.2 Required Bank Details

For refund processing, please provide:

• Bank account holder name (as per PAN)
• Bank account number
• IFSC Code
• Bank name and branch
• Cancelled cheque or bank statement (for verification)

8. Non-Refundable Charges

The following charges are non-refundable under all circumstances:

• Registration Charges: Stamp duty and registration fees paid to government
• Legal Fees: Charges for legal documentation and agreements
• Third-Party Charges: Payments made to banks, financial institutions, or other third parties
• Processing Fees: One-time processing or administrative fees
• Taxes: GST and other applicable taxes (if not recoverable)

9. Special Cases and Circumstances

9.1 Transfer of Booking

Instead of cancellation, buyers may opt to transfer their booking to another buyer:

• Subject to company approval and completion of documentation
• Transfer charges: 2-3% of booking amount
• New buyer must meet eligibility criteria
• All payments must be up-to-date

9.2 Death of Buyer

In case of the unfortunate death of the buyer:

• Legal heirs may continue the booking
• OR request cancellation with minimal deductions (5% maximum)
• Required documents: Death certificate, legal heir certificate, succession certificate

9.3 Force Majeure

In case of force majeure events (natural disasters, pandemics, government orders), cancellation terms may be relaxed on a case-by-case basis with management approval.

10. Dispute Resolution

If you have any concerns or disputes regarding the refund:

1. Step 1: Contact our Customer Relations team
2. Step 2: Escalate to Management if not resolved
3. Step 3: Approach MahaRERA tribunal or Consumer Court

11. Contact Us for Refund Requests

For cancellation and refund requests, please contact: