Affordable Housing Gurgaon Cancellation Policy

Read about Affordable housing Gurgaon cancellation policy

Affordable housing policy is the most famous policy in real estate in India and because it is consumer centric and pricing calculation is based on carpet are and that is fixed as per the government rule:

On Carpet area:

First :Tier A cities – Rs.4000/per sq ft
Second :Tier B cities – Rs.3600/per sq ft
Third :Tier C cities – Rs.3000/per sq ft

On Balcony area: Rs.500/per sq ft

Lots of people from all around the country are applying in this policy and due to this almost every project is getting over subscribed.

So when projects are over-subscribed then chances of unsuccessful applicants are also there, for that some firm policies are required and government has already designed the refund policy and Affordable Housing Gurgaon Cancellation Policy which are mentioned below.

Affordable Housing Gurgaon Cancellation Policy

In-case applicant wants to cancel and withdraw the application before the Draw.

Before Draw there is zero cancellation charges – booking amount paid by applicant is 100% refundable.

In the case of unsuccessful applicants after the Draw.

100% booking amount should be refunded back to customer within 15 days from draw.

In-case Successful applicant want to cancel his unit after the draw.

a. Cancellation amount as per the policy is Rs 25000 plus GST (18%).

b. Rs 25000 plus 1% of total basic cost plus GST (18%) – if cancelled up-to one year from the date of the commencement of the project.

c. 25000 plus 3% of total basic cost plus GST (18%) – if cancelled up-to two year from the date of the commencement of the project.

d. 25000 plus 5% of total basic cost plus GST (18%) – if cancelled after two year from the date of the commencement of the project.

In-case you don’t want to cancel below would be the payment plan of affordable housing Gurgaon:

Payment Plan

Time of Payment	Percentage of the Total Price Payable
At the time of submission of the Application for allotment	5% of the Total Price
Within fifteen days of the date of issuance of Allotment Letter	20% of the Total Price
Within six month from the date of issuance of Allotment Letter	12.5% of the Total Price
Within twelve month from the date of issuance of Allotment Letter	12.5% of the Total Price
Within eighteen month from the date of issuance of Allotment Letter	12.5% of the Total Price
Within twenty four month from the date of issuance of Allotment Letter	12.5% of the Total Price
Within thirty month from the date of issuance of Allotment Letter	12.5% of the Total Price
Within thirty-six month from the date of issuance of Allotment Letter	12.5% of the Total Price