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Section 18 : Return of amount and compensation - The Real Estate (Regulation and Development) Act, 2016

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:

Section 18 "Return of amount and compensation" - The Real Estate (Regulation and Development Act, 2016)

 

 (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
this Act:

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

Section 2 : Definitions

CHAPTER - II

REGISTRATION OF REAL ESTATE PROJECT AND REGISTRATION OF REAL ESTATE AGENTS

Section 3 : Prior registration of real estate project with Real Estate Regulatory Authority

Section 4 : Application for registration of real estate projects

Section 5 : Grant of registration

 

 

Section 6 : Extension of registration

Section 7 : Revocation of registration

Section 8 : Obligation of Authority consequent upon lapse of or on revocation of registration

Section 9 : Registration of real estate agents

Section 10 : Functions of real estate agents

 

 

CHAPTER III
FUNCTIONS AND DUTIES OF PROMOTER

Section 11 : Functions and duties of promoter

Section 12 : Obligations of promoter regarding veracity of the advertisement or prospectus

Section 13 : No deposit or advance to be taken by promoter without first entering into agreement for sale

Section 14 : Adherence to sanctioned plans and project specifications by the promoter

Section 15 : Obligations of promoter in case of transfer of a real estate project to a third party

 

 

Section 16 : Obligations of promoter regarding insurance of real estate project

Section 17 : Transfer of title

Section 18 : Return of amount and compensation

CHAPTER IV
RIGHTS AND DUTIES OF ALLOTTEES

Section 19 : Rights and duties of allottees

CHAPTER V
THE REAL ESTATE REGULATORY AUTHORITY

Section 20 : Establishment and incorporation of Real Estate Regulatory Authority

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