I am in a fix. I booked a flat last month at Mind Space Realty's project Queenstwon at Chinchwad, Pune. Unfortunately, due to some financial consraints, I had to cancel my booking. My booking amount was Rs. 5,25,000.00
The Sales Manager assured me from day one that I can cancel the booking without any hassels(if I ever have to). Even on the day when I put down my cancelation request letter, the sales manager told me that I will receive my cheque in 10-15 days max. But, today when I gave a call to their corporate office, they told me that they will not be able to refund the money till another buyer books the flat that we just canceled. They told me that the maximum time required for refund is 1 year. I just wonder what legal rights they have to keep on hold my money when I have not signed any MOU with them in this regard. Should they also pay for the interest on the money accrued.
I want to know the best way to handle this issue. Also, any legal advice would be highly appreciated.