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Rera Section 18, Return of amount with interest and compensation : Sulaiman Bhimani

Rera Section 18, Return Of Amount With Interest And Compensation : Sulaiman Bhimani

Rera Section 18, Return of amount with interest and compensation : Sulaiman Bhimani

Source : sahakar bhann 10 Feb, 2020
Rera Section 18, Return of amount with interest and compensation: Sulaiman Bhimani (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. Sulaiman Bhimani is Human Rights & RTI campaigner By Passion, legal Consultant, President of Citizens Justice Forum (NGO) Expert in RERA Act and Cooperative Spciety matters "SAHAKAR BHANN" channel publishes programs in "Housing & Co-operative" general. It produces documentaries, seminor, interviews of the celebrities and people working at various Housing & Co-operative sector. We seek your support and feedback for producing intellectually stimulating and engaging digital content.

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