Lawgist12Obligations of promoter regarding veracity of the advertisement or prospectus
Where any person makes an advance or a deposit on the basis of the information contained in the notice, advertisement or prospectus, or on the basis of any model apartment, plot or building, as the case may be, and sustains any loss or damage by reason of any incorrect, false statement included therein, he shall be compensated by the promoter in the manner as provided under this Act:
Provided that if the person affected by such incorrect, false statement contained in the notice, advertisement or prospectus, or the model apartment, plot or building as the case may be, intends to withdraw from the proposed project, he shall be returned his entire investment along with interest at such rate as may be prescribed and the compensation in the manner provided under this Act.
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- 11 Functions and duties of promoter
- 12 Obligations of promoter regarding veracity of the advertisement or prospectus
- 13 No deposit or advance to be taken by promoter without first entering into agreement for sale
- 14 Adherence to sanctioned plans and project specifications by the promoter
- 15 Obligations of promoter in case of transfer of a real estate project to a third party
- 16 Obligations of promoter regarding insurance of real estate project
- 17 Transfer of title
- 18 Return of amount and compensation
