1. Who We Are
AUNGSHA is a company incorporated under the laws of Bangladesh, operating a real estate share ownership platform ('Platform') called Aungsha that connects retail buyers with carefully selected real estate opportunities. Our registered address is in Dhaka, Bangladesh.
This Refund Policy applies to all users of the Aungsha platform ('Platform'), including any purchases made in real estate shares ('Units'), platform fees, and subscription charges. It must be read alongside our Terms and Conditions and any purchase-specific offering documents.
Aungsha operates as a technology platform connecting buyers with real estate developers. We are not a bank or financial institution, and purchases made through the Platform are not deposits and are not guaranteed by any government deposit protection scheme.
2. Platform Fees and Charges
2.1 Refundable Platform Fees
The following platform fees may be refunded under the circumstances described:
- Subscription fees, if any such fees are taken from the user in exchange for premium functionalities, with additional clauses as defined within the subscription terms of service.
2.2 Non-Refundable Platform Fees
The following charges are non-refundable once incurred:
- Transaction processing fees charged at the time of purchase
- Secondary market transaction commissions
- Account reactivation or penalty fees
3. Purchase Refund General Principles
Purchases in fractional real-estate Units represent an ownership share in a specific real estate project and cannot generally be reversed once committed, for various reasons including market fluctuations and the way real-estate financing typically works.
However, in order to build investor trust and ensure easy ability to sell of purchases on a new-to-market platform such as Aungsha, the app guarantees purchase refunds for all users provided certain conditions are met and purchases submitted for refund are categorized as valid, complete and refundable.
The following section describes the circumstances under which an purchase is considered refundable and valid.
4. Refundable Circumstances
4.1 User Generated Refund Request
Any user may request a refund at any time by submitting a request in the 'My Purchases' section in-app, by submitting a refund request email to support@aungsha. com from the associated email address used to sign up to the app, or by contacting other support channels as specified by Aungsha. In each case, further verification and proof of identity may be required.
However, each refund request must meet the following criteria in order to be considered eligible:
All refund requests will be made to the amount of the original purchase. Users will not be eligible for any profit or returns on purchase within the refund period of 10 days from the initial purchase, and the amount will not vary between purchase and refund.
- The refund request must be made within 10 business days/two weeks of the initial purchase. Refund requests made after 10 business days will not be considered valid.
- The initial purchase must have been completed and the purchase amount must be sitting with Aungsha's banking channels.
- Refund requests should be made out to the original banking method used to initiate the purchase by the user. Changes in bank method or details will not be accommodated. If the original banking method or banking details no longer exist at the time of the refund request, the request will not be valid as the refund can no longer be honoured.
- The refund request can only be made by a known user who matches the KYC records kept by Aungsha. 'On-behalf' or proxy refund requests cannot be honoured and will not be accepted.
- By submitting a refund request, the user agrees to forego immediate repurchase opportunities in the same Units that they are requesting a refund from, for a period of 10 days from the date of the refund issuance. Following this period, the user may again invest in the Units that they requested a refund from. Disagreement with this clause will render the refund request invalid.
4.2 Platform Error or Technical Fault
If an purchase is made due to a demonstrable technical error on our Platform (e. g., duplicate transaction, incorrect amount processed due to a system fault), we will investigate the claim and, if verified, process a full refund of the erroneously charged amount within 10 business days.
Claims of this nature must be submitted to support@aungsha. com within 2 calendar days of the erroneous transaction and must include your transaction ID and a description of the error.
4.3 Project Failure to Launch
If a real estate project fails to reach its minimum funding target within the designated fundraising window, Aungsha and the project issuing developer will return all invested funds to buyers within 30 business days of the fundraising window closing. No deduction will be made from the returned principal.
If a project is cancelled by the developer before construction start (for reasons other than funding failure), Aungsha will negotiate the return of invested funds. The timeline and any relevant deductions will be disclosed in the project-specific offering document. Aungsha will try to recover at least 90% of invested principal in such circumstances, but cannot guarantee this outcome.
4.4 Regulatory Suspension
If the Platform or a specific purchase is suspended by a Bangladeshi regulatory authority, Aungsha will process refunds (where legally permitted) within 20 business days of the suspension order, subject to the authority's direction.
5. Refund Processing
5.1 How Refunds Are Issued
All approved refunds are credited back to the original payment source:
Aungsha is not responsible for any additional delays caused by your bank or mobile financial service provider.
- Bank transfer payment: refunded to the originating bank account within 5-10 business days.
- bKash / Nagad / Rocket: refunded to the originating mobile account within 5 business days.
5.2 How to Request a Refund
To submit a refund request, please:
Our support team will acknowledge your request within 2 business days and provide a decision within 5 business days.
- Navigate to 'My Purchases' in the Aungsha app and select 'Request Refund', or
- Email support@aungsha. com with the subject line 'Refund Request - [Your Account ID]', including your transaction ID, the amount in question, and the reason for the request.
6. Selling or Withdrawing Your Purchase Standard Mechanisms
Aungsha as a real-estate purchases platform relies on a steady and stable supply of funds from real-estate buyers, provided to real estate developers. This requires a level of not always easy to sell quicklyity in purchases gathered through the platform, and thus a maximum number of withdrawal periods has been defined through which buyers may exit their purchases on a timely basis with their returns and gains intact.
For all purchases on the platform, Aungsha provides the following exit mechanisms:
- All users are entitled to a complete refund without any platform fees or handling charges within 10 days of purchase.
- After 10 days, users are entitled to a withdrawal process while incurring a 1.5% platform fee in addition to any third party payment gateway charges that may apply.
- Early bird prebook users are entitled to an early withdrawal period of 3 months from initial purchase with returns, while incurring a standard 1.5% platform fee and any third party payment gateway charges that may apply. The next withdrawal period for prebook users will be in another 3 months, and following withdrawals will follow regular withdrawal period rules.
- Non-prebook users and standard purchases will be entitled to a 6 month withdrawal period during which they can withdraw their amounts with returns, while incurring a standard 1.5% platform fee and any third party payment gateway charges that may apply.
- A user may register their purchase units for sale on the secondary marketplace at any point after the prebook period for the project is over, at any price as set by the user, while agreeing to a 1.5% platform fee on top of the sale price in the event of a successful sale. Buyers on the secondary marketplace are subjected to a 0.5% unit transfer fee, to be paid during purchase on the secondary marketplace.
6.1 Secondary Market
Aungsha operates an internal secondary market where Unit holders may list their Units for sale to other verified Aungsha buyers, provided the Units have been held by an investor for at least a period of 1 month after being listed as a Prebook / Launch. Following the duration of holding, Unit holders may register their Units for sale in the secondary market at a profit. Secondary market availability is not guaranteed and is subject to buyer demand. Key terms:
- A secondary market commission of 1.5% of the transaction value applies per sale for the seller.
- A secondary market transfer fee of 0.5% of the transaction value applies per purchase for the buyer.
- Any additional third party payment gateway fees are borne by users of the platform.
- Aungsha does not guarantee that a buyer will be found for Units that are put up for sale.
- Unit prices on the market may be higher or lower than the original purchase price.
- Settlement of secondary market transactions occurs within 5 business days of trade.
6.2 Project Maturity
Upon the completion and sale of the underlying real estate project, the net proceeds (after developer fees, platform fees, and relevant taxes) are distributed to Unit holders on a based on each owner’s share according to their ownership percentage. The target purchase holding period for each project is disclosed in the offering document.
All Units have a minimum maturity period of 6 months. Premature withdrawals before the minimum period of 6 months will only amount to the principal purchase amount, and Unit holders are not entitled to any proceeds in such cases. In addition, a 1.5% withdrawal fee will be relevant, along with any additional handling charges as imposed by payment gateways and middleware solutions used to process the withdrawal.
6.3 Rental Income Distribution
For income-generating properties, rental income distributions (where relevant) are credited to users' Aungsha wallet monthly, subject to vacancy rates and property management costs as disclosed in the offering document. These distributions are not refunds and represent the Unit holder's share of earned income.
7. Third Party Payment Processors
At various times, Aungsha may use and integrate with third party payment providers and gateways in order to provide a wide range of payment methods and options, all of which may not be available from one provider or offered directly through the Aungsha platform.
In such cases, these payment providers, gateways, and aggregators will be considered as third party integrations into the Aungsha platform, and may carry their own processing fees. Aungsha will abide by the terms of service of these payment providers, gateways, and aggregators and follow all regulatory guidelines in their usage.
Users are highly encouraged to view the terms of service of each payment provider, gateway, and aggregator before using them via the Aungsha platform.
The following key points are valid for each third party payment provider, gateway, and aggregator Aungsha is integrated with:
- Service Scope: each payment provider, gateway, or aggregator acts only as a payment gateway or facilitator, enabling customers to pay via credit/debit cards, mobile banking, and internet banking. It is not the seller or principal.
- Settlement and Deductions: payments are settled as per the agreed T+ schedule after deducting TDR, relevant fees, chargebacks, overpayments, penalties, and similar deductions. Third party payment providers may withhold funds for risk management or for up to 30 days if fraud is suspected.
- Invalid Transactions and Chargebacks: third party payment providers may reverse or recover payments for invalid, unauthorized, disputed, duplicate, or non-compliant transactions. Chargebacks can be raised within 120 working days.
- Refund Policy: no direct cash refunds to customers. All refunds must be processed through the third party payment provider system that was originally used by the user. Agreed refunds will be initiated as per the platform's refund policies.
- Additional Compliance: no cash advances, refinancing, or resubmission of chargebacked transactions.
8. Dispute Resolution
If you are dissatisfied with a refund decision, you may escalate the matter through the following steps:
- Step 1 - Internal Escalation: submit a written complaint to compliance@aungsha. com. Our compliance team will review and respond within 10 business days.
- Step 2 - Ombudsman: if unresolved, you may refer the matter to the Financial Intelligence Unit (FIU) of Bangladesh Bank or the Bangladesh Securities and Exchange Commission (BSEC), as relevant.
- Step 3 - Arbitration: for disputes exceeding BDT 5,00,000, either party may initiate arbitration in Dhaka, Bangladesh, under the rules of the Bangladesh International Arbitration Centre (BIAC).
9. Taxes on Refunds
Aungsha does not withhold taxes on refunds of principal purchase amounts. However, any income component (rental distributions, capital gains on secondary market sales) may be subject to tax under Bangladeshi income tax law. You are responsible for reporting and paying any relevant taxes. We recommend consulting a tax professional.
10. Changes to This Policy
Aungsha reserves the right to amend this Refund Policy at any time. Material changes will be communicated via email and in-app notification at least 14 days before taking effect. Changes will not apply retrospectively to purchases already made under the prior policy.