Real Estate (Regulation And Development) Act, 2016

Return of amount and compensation.

18. (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 .... To read the full section download the app from Google Play store