Section 17 in Punjab Apartment and Property Regulation Rules, 1995
17. Rate of interest on refund of advance money upon cancellation of agreement.
- The promoter shall refund full amount collected from the prospective buyers under sub-section (1) of section 6 together with interest thereon at the rate of twelve per cent per annum payable from the date of receipt of amount so collected till the date of re-payment. [Sections 6(2) and 45(2)(j).]
