For new projects, a booking reserves a specific unit at an agreed price and payment plan, usually followed by the agreement for sale.
Example
Booking a unit in Hyderabad
A buyer selects flat 1204 in a Gachibowli, Hyderabad, project at ₹1.3 crore on a construction-linked plan and pays ₹10 lakh as the booking amount. The builder issues an allotment letter naming the unit, price and schedule, and the registered agreement for sale must be signed before the builder collects beyond ₹13 lakh, the 10% RERA limit.
Figures are illustrative, not market rates.
Questions about Booking
What is an allotment letter?
It is the builder’s written confirmation that a specific unit has been allotted to the buyer at an agreed price and payment plan. It usually follows the booking payment and comes before the agreement for sale. Keep it with the booking receipt.
Can I cancel a booking and get money back?
It depends on the cancellation clause in the booking form, allotment letter or agreement. Builders often deduct a fixed amount or percentage. Some state RERA authorities have issued rules or orders on reasonable deductions, so check your state authority’s position before accepting a forfeiture.
How much is the booking amount?
It varies by project and is set by the builder, often a round figure or a small percentage of the price. Under section 13 of the RERA Act, a builder cannot collect more than 10% of the cost before a registered agreement for sale.
Sources
Reviewed