Amendment status not verified — confirm the current text below against the official source.
In the principal Act, in section 6,- Amendment in section 6 of (i) for sub-sections (1) and (2), the following sub-sections shall Punjab Act 14 be substituted, namely:- of 1995. "(1) Notwithstanding anything contained in any other law for the time being in force, a promoter who intends to construct or constructs a building of apartments, all or some of which arc o be taken or are taken on ownership basis, or who intends to offer for sale plots in a colony. shall. before he accepts any sum of money as advance payment or deposit, which shall not be more than ten per cent of the sale price. enter into a written agreement for sale with each of such persons who are to take or have taken such apartments. or plots, as the case may be, and the agreement shall be as provided under section 13 of the Real Estate (Regulation and Development) Act, 2016 and the rules framed thereunder together with documents and shall be registered under the Registration Act, 1908 (Central Act No. 16 of 1908): Provided that, if only a refundable application fee is collected from the applicant before draw of lots for allotment, such agreement will be required only after such draw of lots. (2) The promoter shall not cancel unilaterally the agreement of sale entered into under sub-section (1) and if has sufficient cause to cancel it, he shall give due notice to the other parties to the agreement and tender a refund of the full amount cullected together with interest at such ';e js may be prescribed in this behalf including compensation in the manner as provided under the Real Estate (Regulation and Development) Act, 2016 and the rules made thcreunder.": and (ii) sub-section (3) shall be omitted.