In a bid to bring in uniformity and safeguard the interest of flat buyers as well developers, the MahaRERA has come up with a model allotment letter which developers need to adhere to. The allotment letters would vary from developer to developer. Professionals have welcomed the move.

The allotment letter “prescribes the minimum period within which the booking can be cancelled and the upper limit of the percentage of the amount to be deducted in case the allottee desires to cancel the booking. The promoter may increase the number of days within which the booking can be cancelled as well as decrease the percentage of the amount to be deducted in the event of cancellation of booking.” Developers need to upload the allotment letter or the amended form of the allotment letter at the time of applying for registration of the real estate project. Also, in case of non-compliance of the same, the application for registration of the project shall be liable to be rejected.