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CS Executive · Economic, Commercial and Intellectual Property Laws · Real Estate Regulation and Development Law

Penalties imposed by a State Real Estate Regulatory Authority on a promoter in a State are realised. Under the Act, where are these sums credited?

Penalties imposed by the Authority or Appellate Tribunal in a State are credited to such account as the State Government may specify. Only penalties realised in Union territories go to the Consolidated Fund of India, not those realised in States.

  1. ATo the Consolidated Fund of India in every case
  2. BTo such account as the State Government may specifyCorrect
  3. CTo the account of the aggrieved allottee
  4. DTo a fund maintained by the Authority itself

Explanation

The Act says sums realised as penalties imposed by the Appellate Tribunal or the Authority in a State are credited to such account as the State Government may specify (section 76(2)). Only penalties in Union territories go to the Consolidated Fund of India, so the first option is wrong.

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