What you could lose if you cancel a property booking
You may have to forfeit your initial deposit or get caught in a long-drawn legal battle
If you feel unsure about affording the payment in future, it makes sense to cancel, even if you lose some money
Joydeep Karmakar was happily on his way to leaving rentals behind and becoming a homeowner when things came to a grinding halt. The 43-year-old, who works in the travel industry, had put down a deposit out of his savings to book a flat in a standalone apartment building and taken a loan to fund the rest when he suddenly found himself without a steady income. Karmakar realized that the impact of covid-19 on his industry and income would not be short-lived, and decided to opt out of the purchase. But when he tried to cancel the booking, the builder told him he would not get his deposit back. “He said that he had reinvested the money into the project, so he couldn’t refund it," said Karmakar, who is already strapped for cash, and losing the deposit amount is the last thing he needs.