Refund & Cancellation Policy

Last Updated: December 2025

This Refund & Cancellation Policy applies to all online and offline bookings, enquiries, and payments made towards the Altaira Project.

1. Definitions

• Booking Amount / Token – A preliminary payment made to reserve interest in a unit or fractional share.
• Agreement – The legally binding purchase or participation agreement executed between the Customer and the Developer.
• Customer – Any individual or entity making a booking or payment toward the Project.

2. General Conditions

2.1 All bookings are provisional until accepted in writing by the Developer.

2.2 Booking Amounts are generally non-refundable, except as expressly provided below.

2.3 Refunds, where applicable, shall be processed only to the original payer's bank account.

3. Customer-Initiated Cancellation

A. BEFORE EXECUTION OF THE MAIN AGREEMENT

• Cancellation within 7 days of booking:
  • Refund of Booking Amount minus bank/payment gateway charges.
• Cancellation after 7 days but before 30 days:
  • Up to 15–25% of the Booking Amount may be deducted as an administrative fee.
• Cancellation after 30 days but before Agreement:
  • Up to 50% of the Booking Amount may be forfeited.

B. AFTER EXECUTION OF THE MAIN AGREEMENT

• Refunds or cancellations will be governed solely by the Agreement,
• Booking Amount becomes non-refundable,
• Any exit will depend on resale, transfer rules, and applicable fees stated in the Agreement.

4. Developer-Initiated Cancellation

The Developer may cancel a booking if:

• KYC/AML verification fails,
• Payment defaults persist beyond permitted grace period,
• False or misleading information is provided,
• Legal/regulatory issues prevent continuation of the sale.

Refunds (if any) will be issued after deducting administrative costs already incurred.

5. Refund Processing Timeline

Eligible refunds will be processed within 30–60 working days from the date all required documentation is submitted and approved.

6. Currency & Bank Charges

• For payments made in a foreign currency, refund amounts may vary due to exchange rate fluctuations, intermediary banking fees, or conversion charges.
• The Customer bears all such charges.
• The Developer’s obligation is limited to refunding the net amount actually received in its account.

7. Failed or Duplicate Transactions

In case of payment gateway failure or duplicate payments:

• The Customer must notify altaira.lk@fracspace.com with proof of transaction.
• Refunds of duplicate or failed payments will be processed within 7–15 working days, after bank confirmation.

8. Non-Refundable Items

• Convenience fees, processing charges, bank fees, and payment gateway fees
• Any optional add-ons, service fees, or administrative fees already incurred
• Taxes paid to government authorities (if non-recoverable)