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What is Section 18 of RERA Act?

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Section 18 of RERA Act or Real Estate (Regulation and Development) Act, 2016 talks about the promoter being unable to dispense on his end of the agreement. The section 18 mandates that if the promoter fails to complete or is unable to give possession of an apartment, plot or building in accordance with the terms of the agreement for sale or 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. 

If the allottee wishes to withdraw from the project, the promoter, without prejudice to any other remedy available, has 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

section 18 RERA

.

To lay it simply, the section 18 of the RERA act dictates the rules in case a promoter fails to keep his end of the agreement, he is liable to return the allottees money and compensate them.

I hope this helps you.

Get in Touch with Legal Expert to Know More About RERA Act Read more: What is possession delay penalty as per RERA? Need help with legal scrutiny of property documents? Check out NoBroker Legal Services here

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