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Five Reasons why your TOKEN IS REFUNDABLE if you have paid it to a promoter / builder towards a flat in an UNDER CONSTRUCTION PROJECT:
1) When you give a token, you are not entering into contract / transaction with the owner or authorized representative. You are shaking hands with a mere sales representative or channel partner.
2) No rights or claims are created in your favour when you give the token. So there is no transaction or contract.
3) The deal is so complicated, with so many terms & conditions, that the mere token payment cannot signify willing and informed consent of such a deal. The details contained in the proforma registered agreement cannot be deemed to be understood and accepted at the time of the token payment and signing of application form.
4) Urgency marketing and scarcity marketing, and such other practices of the builder's sales team, further poison any element of contract that may be achieved by token payment.
5) The token payment is not towards an actual flat or property that exists. The token payment is towards PARTICIPATION IN A COMPLICATED SCHEME, which contains a proposal to build a flat, with over a hundred pages of terms & conditions including timely payment, Penalties and interest for late payment, building permissions, availability of finance, labour, etc. The overdose of complications further vitiates and poisons any possibility of contract / transaction / handshake achieved by the token.
ISSUED IN PUBLIC INTEREST BY
KRISHNARAJ RAO
9821588114 and 8169471229
krish.kkphoto@gmail.com
Twitter @BravePedestrian
Mumbai