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Section 75 : Constitution of Fund - The Real Estate (Regulation and Development) Act, 2016

What is Constitution of Fund under section 75 of The Real Estate (Regulation and Development Act, 2016). Constitution of Fund are defined under Section 75 of the Act. Provisions under Section 75 are:

Section 75 "Constitution of Fund" - The Real Estate (Regulation and Development Act, 2016)

 

(1) The appropriate Government shall constitute a fund to be called the 'Real Estate Regulatory Fund' and there shall be credited thereto,-

(a) all Government grants received by the Authority;

(b) the fees received under this Act;

(c) the interest accrued on the amounts referred to in clauses (a) to (b).

(2) The Fund shall be applied for meeting-

(a) the salaries and allowances payable to the Chairperson and other Members, the adjudicating officer and the administrative expenses including the salaries and allowances payable to be officers and other employees of the Authority and the Appellate Tribunal;

(b) the other expenses of the Authority in connection with the discharge of its functions and for the purposes of this Act.

(3) The Fund shall be administered by a committee of such Members of the Authority as may be determined by the Chairperson.

(4) The committee appointed under sub-section (3) shall spend monies out of the Fund for carrying out the objects for which the Fund has been constituted.

 

The Real Estate (Regulation and Development) Act, 2016

Section 61 : Penalty for contravention of other provisions of this Act

Section 62 : Penalty for non registration and contravention under sections 9 and 10

Section 63 : Penalty for failure to comply with orders of Authority by promoter

Section 64 : Penalty for failure to comply with orders of Appellate Tribunal by promoter

Section 65 : Penalty for failure to comply with orders of Authority by real estate agent

 

 

Section 66 : Penalty for failure to comply with orders of Appellate Tribunal by real estate agent

Section 67 : Penalty for failure to comply with orders of Authority by allottee

Section 68 : Penalty for failure to comply with orders of Appellate Tribunal by allottee

Section 69 : Offences by companies

Section 70 : Compounding of offences

 

 

Section 71 : Power to adjudicate

Section 72 : Factors to be taken into account by the adjudicating officer

CHAPTER IX
FINANCE, ACCOUNTS, AUDITS AND REPORTS

Section 73 : Grants and loans by Central Government

Section 74 : Grants and loans by State Government

Section 75 : Constitution of Fund

 

 

Section 76 : Crediting sums realised by way of penalties to Consolidated Fund of India or State account

Section 77 : Budget accounts and audit

Section 78 : Annual Report

CHAPTER X
MISCELLANEOUS

Section 79 : Bar of Jurisdiction

Section 80 : Cognizance of Offences

Section 81 : Delegation

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