Amendment status not verified — confirm the current text below against the official source.
In the principalAct, for sections 12 and 13, the following Sections shall Substitution ot be substituted, namely:- sections 12 and 13 of Puiijab "12. (1) If the promoter,- Act 1401 1995 Refund of (a) fails to give possession. in accordance with arnoum. the terms ol' his agreement, of a 1)101 or an apartment duly completed by the date specified. or any further. date agreed to by the parties; or (b) for reasons beyond his control and of his agents, is unable to give possession of the plot or the apartment by the date specified, or further agreed date, the promoter shall be liable on demand, but without prejudice to any other remedies to which he may be liable, to refund the amounts already received by him in respect of that plot or apartment with interest including compensation at such rate and in such manner as provided under section 18 of the Real Estate (Regulation and Development) Act, 2016 and the rules made thereunder, and the amounts and the interest shall be a charge on the land on which a plot is to be developed, or a building is or was to be constructed and the construction, if any, thereon shall be subject to any prior encumbrances: P(JNJAB GOVT GAZ. (EXTRA), APRIL 16, 2021 140 (CHTR 26, 1943 SAKA) Provided that where an allonee does not intend to withdraw from the colony, he shall be paid, by the promoter, interest for every month of delay. tilt the handing over of the possession, at such rate as may be prescribed under the Punjab State Real Estate (Regulation and Development) Rules. 2017 made under the Real Estate (Regulation and Development) Act, 2016. (2) The promoter shalt compensate the allottees in case of any toss caused to him clue to defective title of the land on which the colony is being developed or has been developed, in the manner as provided under the Real Estate (Regulation and Development) Act, 2016, and the claim for compensation undcr this sub-section 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 and the rules 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, as provided under the Real Estate (Regulation and Development) Act, 2016.