Amendment status not verified — confirm the current text below against the official source.
(1) Ifthe promoter fails to complete or is unable to give possession of an apartment, amount and plot or building.— compensation. (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 ofsuspension 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 sub- ., A. notbebarred by limitationprovided undermy law forthe timebeingiafm Scanned by CamScanner SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 17 A (3) If the promoterw to discharge any other obligations imposed on him under this ct or the rules or regulations 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, in the manner as provided under this Act. CHAPTERIV RIGHTS AND DUTIES OF ALLOTI'EES