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Pay up on time or money and flat is ours, warn builders
Updated On: 28 October, 2012 06:39 AM IST | | Varun Singh
Recent SC judgment states buyers will have to forfeit initial payment if remaining instalments are not made on time
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Make sure you read the agreement carefully before you buy a flat and sign on the dotted line.
Recently in Delhi, a buyer lost Rs 7 lakh to a builder after he was unable to pay the rest of the amount for the property. As per an October 18 Supreme Court judgment the builder had the right to keep the initial amount paid and even cancel the deal since the buyer had failed to make the payment on time. The property was worth Rs 63 lakh.
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