Refund & Cancellation Policy

1. Introduction

This Property.new Buyer Refund & Cancellation Policy ("Refund Policy") explains how refunds and cancellations work when you use Property.new — the buyer-facing real estate marketplace operated by Cladbe Platforms LLP ("Cladbe", "we", "us", or "our").

This Refund Policy is incorporated into the Property.new Buyer Terms by reference and should be read alongside the Buyer Terms, the Buyer Privacy Notice, the Buyer Cookie Notice, and the Master Refund & Cancellation Policy available at cladbe.com/refund-policy. In the event of any inconsistency between this Refund Policy and the Master Refund & Cancellation Policy, the Master Refund & Cancellation Policy shall prevail.

2. Definitions

Defined terms used in this Refund Policy carry the same meaning as in the Property.new Buyer Terms and the Master Refund & Cancellation Policy. The following key definitions are restated for convenience:

3. How Token Money Works

3.1 Where Your Money Goes

When you pay Token Money on Property.new, your payment is processed by an RBI-licensed Payment Aggregator. The Payment Aggregator routes the funds to one of two destinations, depending on the project structure:

• Where the Builder uses a RERA-compliant project account under Section 4(2)(l)(D) of RERA, funds are routed directly to that account (with the 70% statutory escrow protection of RERA);
• Where the Builder uses a Nodal Account or Escrow Account managed by the Payment Aggregator pending Builder allotment confirmation, funds are held in that account until allotment or refund.

In no case does Cladbe hold, pool, or control your Token Money in its own accounts. Cladbe orchestrates the payment instruction through the Payment Aggregator but does not have custody of your principal funds at any point.

3.2 What the Convenience Fee Is

Separately from Token Money, Cladbe charges a Convenience Fee on certain transactions — typically EOI submission with online unit blocking, or Flash Sale participation. The Convenience Fee is Cladbe's technology infrastructure fee, charged for the use of the Property.new platform itself.

The Convenience Fee amount is disclosed clearly on the Property.new interface before you confirm payment. The Convenience Fee is collected by the same RBI-licensed Payment Aggregator framework, with Cladbe as sub-merchant. The Convenience Fee is non-refundable in all circumstances — including where the Builder later declines your EOI, where you cancel within any Cooling-Off Period, or where the transaction does not proceed for any other reason.

4. When You Are Entitled to a Refund

Token Money refunds are governed by the project-specific terms displayed on Property.new at the time you pay Token Money. The most common refund scenarios are:

4.1 Your EOI Is Declined

Where your EOI is declined — whether communicated through the Builder or through the Channel Partner or Experience Centre team handling your request, and whether due to unavailability, KYC concerns, pricing differences, or any other reason — your Token Money is refundable. The decision to accept or decline an EOI rests with the Builder, who holds the inventory, even where a Channel Partner or the Experience Centre team is assisting you. On decline, Cladbe will instruct the Payment Aggregator to refund the Token Money to the same payment instrument you used to pay. The refund is initiated within seven (7) business days of the decline and processed by the Payment Aggregator on its standard processing cycle.

4.2 Builder Cancels or Modifies the Project

Where the Builder cancels, materially modifies, or fails to obtain RERA approval for the project to which your Token Money relates, your refund rights are governed by Section 18 of RERA and the Builder-Buyer Agreement. Cladbe will assist with coordinating the refund through the Payment Aggregator on Builder instruction, but the underlying refund obligation is the Builder's.

4.3 Cancellation Within a Cooling-Off Period

Where the Builder-Buyer Agreement or project-specific terms provide for a Cooling-Off Period within which you may cancel and receive a refund, your refund rights are governed by those terms. Cooling-Off Periods, where provided, are typically subject to deductions for verified administrative or processing fees disclosed at the time of booking, third-party charges (such as payment gateway and KYC verification charges), and any project-specific exceptions. There is no Cladbe-imposed Cooling-Off Period at the platform level — the Cooling-Off Period applies only where provided in the Builder-Buyer Agreement or project terms.

4.4 Statutory Refund Rights Under RERA

Your statutory rights under Section 18 of RERA are preserved in full. Where the Builder fails to deliver possession by the date specified in the Builder-Buyer Agreement, you are entitled, at your option, to (a) withdraw from the project and claim a refund with interest at the rate prescribed under the applicable State RERA Rules within the timelines so prescribed, or (b) continue with the project and claim interest for the period of delay. These rights are enforceable directly against the Builder under Section 18 of RERA and are not subject to any limitation, deduction, or contractual waiver in this Refund Policy.

Where a Section 18 refund order is issued by the relevant State RERA Authority or Real Estate Appellate Tribunal, the Builder is required to process the refund within the timelines and at the rate specified in that order and under the applicable State RERA Rules — commonly within 45 days of the refund order, though the precise timeline is set by the applicable State RERA Rules and the order itself. Cladbe is not the refund-paying party in a Section 18 claim; the refund flows directly from the Builder.

5. When You Are Not Entitled to a Refund

5.1 Cladbe Convenience Fee and Direct Charges

The following amounts collected through Property.new are not refundable, in any circumstance:

• The Convenience Fee charged by Cladbe — non-refundable in all circumstances, including where the Builder declines your EOI, where you cancel within any Cooling-Off Period, or where the transaction does not proceed;
• Payment gateway charges incurred by the Payment Aggregator on the original payment — these are typically deducted by the Payment Aggregator before the refund reaches your account;
• KYC verification charges incurred with third-party verification providers — only where these were specifically charged to you and disclosed at the time of booking;
• Costs of any optional services you availed (such as paid Flash Sale priority access, fast-track site visit booking) where used.

5.2 Builder and Development Authority Fees

Beyond Token Money and the Convenience Fee, Builders frequently charge separate fees at various stages of the transaction. These typically include:

• Builder application fee or processing fee charged at EOI submission or booking confirmation;
• Builder documentation, legal scrutiny, or administrative fee charged before or at Builder-Buyer Agreement execution;
• Builder-tied loan processing fee where you opt to use the Builder's preferred or tied lender;
• Development Authority application fee, registration fee, and Earnest Money Deposit (EMD) for government housing scheme allotments (DDA, YEIDA, NOIDA Authority, and similar) on Government Scheme listings.

Cladbe does not collect, hold, route, or process these third-party fees — they are paid directly to the Builder or to the relevant Development Authority through that Authority's official portal. Their refundability is governed entirely by the Builder's project-specific terms or the Authority's scheme rules, which structure such fees as non-refundable in most cases. Cladbe has no refund discretion, control, or responsibility over these fees, and they are outside the scope of this Refund Policy.

The Builder or Development Authority is required to disclose all such fees to you in writing — typically through a booking form, allotment letter, or scheme brochure — before you pay. Please read those disclosures carefully and confirm what fees apply, how much, and what is and is not refundable, before making any payment.

5.3 Mortgage and Lender Fees (Buyability Widget / DSA Facilitation)

Where you use the Mortgage Buyability Calculator or proceed with a home loan through a partner lender introduced via Property.new, any fees charged in connection with that loan — including login fees, processing fees, administrative charges, legal or technical valuation fees, and any other charges levied by the lender — are paid directly to the partner lender and are governed by that lender's own terms. Such fees are typically non-refundable, including where the loan is not sanctioned, where the sanctioned terms differ from the indicative pre-approval, or where you choose not to proceed.

Cladbe operates strictly as a Direct Selling Agent (DSA) in this flow under the Reserve Bank of India's Digital Lending Directions, 2025. Cladbe does not collect any loan principal, loan fee, or processing charge from you, does not participate in the loan principal flow, and therefore has no role in refunding any lender fee. Any refund of lender fees is a matter solely between you and the partner lender, governed by the lender's refund policy. Cladbe's DSA commission, where applicable, is paid by the partner lender to Cladbe — never by you — so no question of refunding any amount to you arises in respect of that commission. For details of Cladbe's DSA role, see Section 10 of the Property.new Buyer Terms.

5.4 Cancellation After Cooling-Off Period

Where you cancel a booking after the Cooling-Off Period (if any) has expired, your refund rights are governed by the executed Builder-Buyer Agreement and applicable RERA provisions. Cladbe acts as a technology platform in this scenario and does not control or determine the refund timeline, deductions, or interest computation — those are matters between you and the Builder.

6. Refund Process and Timelines

6.1 How a Refund Is Initiated

Where you are entitled to a refund under Section 4, the refund is initiated as follows:

• On Builder decline of EOI: Cladbe instructs the Payment Aggregator within 7 business days of the Builder's decline;
• On cancellation within Cooling-Off Period (where applicable): the Builder routes the refund instruction through Cladbe's technology to the Payment Aggregator;
• On Section 18 RERA claim: directly between you and the Builder; Cladbe is not in the refund instruction loop.

6.2 Refund Method

Refunds are processed back to the same payment instrument you used for the original payment. If the original payment was made by:

• Credit card or debit card — refund is credited back to the same card. Typical processing time is 5–10 business days from refund initiation, depending on your card issuer;
• UPI — refund is credited back to the same UPI ID / VPA. Typical processing time is 2–5 business days;
• Net banking — refund is credited back to the same bank account. Typical processing time is 3–7 business days;
• Wallet — refund is credited back to the same wallet. Typical processing time is 1–3 business days.

Where the original payment instrument is no longer valid or accessible (for example, an expired card or a closed bank account), the refund will be processed by alternative means such as IMPS/NEFT to your nominated bank account on submission of an indemnity bond and bank account proof, as required by the Payment Aggregator's standard processes.

6.3 Refund Reconciliation

All refund timelines stated in this Refund Policy are best-effort estimates and are subject to:

• Your providing accurate bank account or payment instrument details where required;
• Absence of payment system freezes, RBI moratoriums, or other Force Majeure Events — see Section 9;
• Successful reconciliation through the underlying Payment Aggregator framework;
• The Builder's timely instruction to initiate the refund where Builder action is required.

Where any of these factors causes delay, Cladbe will keep you informed through your registered communication channels and will resume processing as soon as the delay is resolved.

6.4 GST and Tax Adjustments

Where a refund is processed, the GST component of the refunded amount shall be refunded only to the extent recoverable by Cladbe or the Builder from the GST authorities through credit note issuance under applicable GST law. Where the GST component is not recoverable due to timing of the refund relative to GST filing cycles, the GST component will not be refunded and will be retained by the relevant tax-paying party as a permitted deduction. This treatment applies to both Token Money and any other amount refunded under this Refund Policy.

7. Chargebacks and Payment Disputes

7.1 Use Our Grievance Channel First

Where you have a concern about a payment, refund, or transaction on Property.new, please contact our Grievance Officer through the channels in Section 11 before initiating a chargeback or card dispute with your bank or card issuer. Cladbe will work with you and the relevant Builder to resolve the matter through the grievance redressal process, which is typically faster than the chargeback timeline and avoids the operational complications that chargebacks introduce.

7.2 Chargeback Process

Where you initiate a chargeback or card dispute with your bank or card issuer in respect of a payment made through Property.new, Cladbe will:

• Receive notification from the Payment Aggregator within the chargeback notice timelines of the relevant card network;
• Cooperate with the chargeback investigation by providing transaction records, EOI submission audit trail, Token Money receipt, refund history, and any Builder communications relevant to the dispute;
• Where the chargeback is upheld in your favour, the Builder's settlement with the Payment Aggregator will be adjusted, and the Builder may pursue independent recovery from you under the Builder-Buyer Agreement;
• Where the chargeback is reversed in Cladbe's and the Builder's favour, the original transaction stands and no further refund is due.

7.3 Suspension During Chargeback

Cladbe reserves the right to suspend your account, freeze any pending refund, and pause any ongoing transactions while a chargeback is under investigation. Account access will be restored on resolution of the chargeback in accordance with the chargeback outcome.

8. Buyer Default and Cancellation by You

8.1 EOI Withdrawal Before Token Money Payment

Where you submit an EOI but do not proceed to Token Money payment, you may withdraw the EOI at any time before payment by writing to info@property.new or through in-product cancellation. No refund question arises because no payment was made. The Builder and any Channel Partner who received your EOI will be informed of the withdrawal.

8.2 Cancellation After Token Money Payment, Within Cooling-Off Period

Where the Builder-Buyer Agreement or project-specific terms provide for a Cooling-Off Period and you cancel within it, the refund mechanics are as set out in Section 4.3 above.

8.3 Cancellation After Cooling-Off Period

Where you cancel a booking after the expiry of the Cooling-Off Period (or where no Cooling-Off Period applies), the refund mechanics are governed by the Builder-Buyer Agreement and applicable RERA provisions. Builder-Buyer Agreements typically permit cancellation by the Buyer subject to deductions for administrative charges, GST, stamp duty already paid, and forfeiture of an agreed percentage of the booking amount. These terms are the Builder's and are negotiated and accepted between you and the Builder in the Builder-Buyer Agreement, not in this Refund Policy.

8.4 Buyer Default Under Payment Plan

Where the Builder-Buyer Agreement provides for instalment payments and you default on an instalment, the Builder's rights of remedy — including the right to charge interest on delayed payment under Section 19(6) of RERA, the right to terminate the Builder-Buyer Agreement, and the right to forfeit Token Money or earnest money — are governed by the Builder-Buyer Agreement. Cladbe is not party to that agreement and has no rights or obligations under it.

9. Force Majeure and Payment System Disruptions

Cladbe's ability to instruct refunds through the Payment Aggregator depends on the continued availability of the payment infrastructure. Refund timelines stated in this Refund Policy are suspended during the following Force Majeure Events, and Cladbe shall not be liable for any consequence of such suspension:

• Acts of God, natural disasters, pandemics, or war;
• Freezes, restrictions, or suspensions imposed by the Reserve Bank of India, the National Payments Corporation of India, or any payment system operator on Payment Aggregators, Nodal Accounts, or Escrow Accounts;
• Moratoriums imposed under Section 14 of the Insolvency and Bankruptcy Code, 2016 against the Builder, Payment Aggregator, Nodal Bank, or other counterparty material to the refund;
• Court orders, government directions, or regulatory enforcement actions that prevent or delay the refund;
• Disruption of telecommunications, internet, or banking infrastructure beyond Cladbe's control.

Where any Force Majeure Event occurs, Cladbe will use commercially reasonable efforts to keep you informed through your registered communication channels, and will resume refund processing promptly upon resolution of the event. The duration of the Force Majeure Event is added to any refund timeline stated in this Refund Policy.

10. RERA Compliance and Buyer Statutory Rights

Nothing in this Refund Policy limits, dilutes, or waives any statutory right available to you under (a) the Real Estate (Regulation and Development) Act, 2016 and the applicable State RERA Rules; (b) the Consumer Protection Act, 2019 and the rules made thereunder; (c) the Indian Contract Act, 1872; or (d) any other applicable law that provides you with a refund, compensation, or buyer-protection right.

Where the terms of this Refund Policy are inconsistent with any non-waivable statutory right under RERA or consumer protection law, the statutory right shall prevail to the extent of the inconsistency. Without limitation, your right to a refund with interest under Section 18 of RERA in cases of project delay is preserved in full and shall not be diluted by any provision of this Refund Policy.

11. Grievance Redressal for Refund Concerns

Where you have a concern about a refund, cancellation, or payment dispute on Property.new, please contact our Grievance Officer using the channels below. The Grievance Officer is the same individual designated under the Master Refund & Cancellation Policy and the Property.new Buyer Terms.

Where you are not satisfied with Cladbe's response to a grievance about Cladbe's service or platform conduct, you may escalate to:

• The Consumer Disputes Redressal Commission under the Consumer Protection Act, 2019 — District, State, or National forum based on the value of the claim;
• The Data Protection Board of India (for privacy-related grievances) once operationally functional;
• The grievance redressal mechanisms of the relevant Payment Aggregator (for payment-instrument-specific issues).

For property-transaction disputes between you and the Builder — including disputes about Section 18 RERA refunds, possession delays, project amenities, or construction quality — the appropriate forums are the State RERA Authority of the relevant state, the Consumer Disputes Redressal Commission, or civil courts of appropriate jurisdiction. Cladbe's grievance channel addresses Cladbe's own service conduct, not Builder disputes.

12. Governing Law and Dispute Resolution

This Refund Policy is governed by, and shall be construed in accordance with, the laws of the Republic of India. The applicable State RERA, the Consumer Protection Act, 2019, the Indian Contract Act, 1872, the RBI Regulation of Payment Aggregators Directions, 2025, the Digital Personal Data Protection Act, 2023, and other applicable Indian laws shall apply to refunds and cancellations on Property.new.

Disputes arising out of or in connection with this Refund Policy are subject to the tiered dispute resolution process set out in Section 17 of the Property.new Buyer Terms. Nothing in that Section limits your statutory rights to pursue claims under the Consumer Protection Act, 2019, RERA, or any other statutory forum.