What is the provisions for Return of amount and compensation under section 18 of The Real Estate (Regulation and Development Act, 2016). Return of amount and compensation is defined under Section 18 of the Act. Provisions under Section 18 are:
(1) If the promoter fails to complete or is unable to give possession of an apartment, plot or building,-
(a) in accordance with the terms of the agreement for sale or, as the case may be, duly completed by the date specified therein; or
(b) due to
discontinuance of his business as a developer on account of
suspension or revocation of the registration under this Act or
for any other reason, he shall be liable on demand to the
allottees, in case the allottee wishes to withdraw from the
project, without prejudice to any other remedy available, to
return the amount received by him in respect of that apartment,
plot, building, as the case may be, with interest at such rate
as may be prescribed in this behalf including compensation in
the manner as provided under
Provided that where an allottee does not intend to withdraw from the project, he shall be paid, by the promoter, interest for every month of delay, till the handing over of the possession, at such rate as may be prescribed.
(2) The promoter shall compensate the allottees in case of any loss caused to him due to defective title of the land, on which the project is being developed or has been developed, in the manner as provided under this Act, and the claim for compensation under this subsection shall not be barred by limitation provided under any law for the time being in force.
(3) If the promoter fails to discharge any other obligations imposed on him under this Act or the rules or regulations made thereunder or in accordance with the terms and conditions of the agreement for sale, he shall be liable to pay such compensation to the allottees, in the manner as provided under this Act.
The Real Estate (Regulation and Development) Act, 2016
CHAPTER - II REGISTRATION OF REAL ESTATE PROJECT AND REGISTRATION OF REAL ESTATE AGENTS
CHAPTER III FUNCTIONS AND DUTIES OF PROMOTER
CHAPTER IV RIGHTS AND DUTIES OF ALLOTTEES
CHAPTER V THE REAL ESTATE REGULATORY AUTHORITY