Section 15(1) in The Punjab Apartment Ownership Act, 1995
(1)If the promoter, or the apartment owner, as the case may be, fails to execute a conveyance deed of apartment or an endorsement thereon under sub-section (1) or sub-section (4) of section 14 within three months, or does not comply with the provisions of sub-sections (3) and (4) of section 14 within three months of the execution of the conveyance deed of apartment or the endorsement thereon, or with the provisions of sub-section (1) of section 12 within three months of the date on which possession of the apartment is given, or, where the competent authority or the State Government has granted extension of time under the first proviso to sub-section (1) of section 14 within such extended period, the competent authority may, either on a complaint or suo moto, impose a penalty upto a maximum of five thousand rupees or five per cent of the price of the apartment, whichever is greater, for each apartment for which there is a default together with a further minimum penalty for each apartment of one hundred rupees for every day for which the default continues, and the penalty may be recovered as an arrears of land revenue :Provided that it will be incumbent on the promoter to execute the sub-lease only after the lease is executed in his favour, but the conveyance deed of apartment will have to be executed without waiting for the execution of the lease, as envisaged by the fourth proviso to sub-section (1) of section 14.
