Mumbai | 23 Dec, 2022 (3 months ago)

Property Law

Property Payment - Agreement Clause Dispute

I have purchased flat under construction from a reputed Developer. As per our registered sale agreement 30% payment to promotor account and 70% to RERA account as per extracts taken from Agreement clause 3(v), reads as follows: "It is clarified that the Sale Consideration shall be payable by the Allottee in the Bank Account No. xxxx maintained with xxxx Bank, Sion Branch (“the said Account”). It is clarified that in accordance with RERA and the RERA Rules, 70% of the Sale Consideration shall be transferred in the Bank Account No. xxxxxx maintained with xxxxxBank, Sion Branch (“the RERA Account”). ”). It is further clarified between the parties that, if more than 18% Sale Consideration has already been received by the Promoter, then as the case may be, the Balance Consideration shall be paid by the Allottee in the RERA account". The promotor is now insisting that balance amount should be transferred to their account (builder/promotor). Please advice : Is promotor demands justifiable? Should I pay balance amount to Promotor or RERA ?
23 Dec, 2022 | 22:44

I'll provide you certain legal suggestions, but for that i need to ask certain questions from you. For any further assistance, feel free to contact me on my e-mail ""

Shubham Pabbi & Associates

23 Dec, 2022 | 15:23

For appropriate legal advice, I need some details and clarifications such as how much percent of amount have been already paid by you? in which account have you paid so far? whether promoter's account is escrow or not?

You may reach out at

Adv. Akshay Lal
Taarkik Legal - Advocates & Consultants


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