Section 16(3) in Punjab Apartment and Property Regulation Act, 1995
(3)If the promoter fails to execute a written agreement of sale as required by section 6, or fails to execute the conveyance deed of apartment and other relevant documents as specified in sub-section (1), within three months, the competent authority may, either on a complaint or suo moto, impose for each plot or apartment for which there is a default, a penalty up to a maximum of five per cent of the price of the plot or the apartment or five thousand rupees, whichever is greater, and further minimum penalty for each plot or apartment of one hundred rupees for each day for which the default continues, and the penalty may be recovered as an arrear of land revenue.
