In Brief
The appellants booked a flat from the respondent developer for Rs 40,95,801 with an initial 25% booking amount. Through email correspondence in February 2008, the parties agreed to reduce the booking amount to 15%. After paying Rs 6,50,000 (exceeding the 15% requirement), the appellants sought execution of the sale agreement to facilitate bank loan disbursement. The developer refused and cancelled the allotment. The Supreme Court held that the 25% booking amount was validly reduced to 15% by agreement, and the developer's statutory duty to execute a written agreement before accepting advances was violated. The Court allowed the appeal, directing the appellants to pay the balance consideration plus 9% interest and directing the developer to execute the agreement and hand over possession.
The lawyer headnote and full judgment text are available to registered users.