What are the Obligations of promoter regarding veracity of the advertisement or prospectus under section 12 of The Real Estate (Regulation and Development Act, 2016). Obligations of promoter regarding veracity of the advertisement or prospectus is defined under Section 12 of the Act. Provisions under Section 12 are:
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.
The Real Estate (Regulation and Development) Act, 2016
CHAPTER - II REGISTRATION OF REAL ESTATE PROJECT AND REGISTRATION OF REAL ESTATE AGENTS
Section 3 : Prior registration of real estate project with Real Estate Regulatory Authority
Section 4 : Application for registration of real estate projects
Section 5 : Grant of registration
Section 6 : Extension of registration
Section 7 : Revocation of registration
Section 8 : Obligation of Authority consequent upon lapse of or on revocation of registration
Section 9 : Registration of real estate agents
Section 10 : Functions of real estate agents
CHAPTER III FUNCTIONS AND DUTIES OF PROMOTER
Section 11 : Functions and duties of promoter
Section 12 : Obligations of promoter regarding veracity of the advertisement or prospectus
Section 14 : Adherence to sanctioned plans and project specifications by the promoter
Section 15 : Obligations of promoter in case of transfer of a real estate project to a third party
Section 16 : Obligations of promoter regarding insurance of real estate project
Section 17 : Transfer of title
Section 18 : Return of amount and compensation
CHAPTER IV RIGHTS AND DUTIES OF ALLOTTEES
Section 19 : Rights and duties of allottees
CHAPTER V THE REAL ESTATE REGULATORY AUTHORITY
Section 20 : Establishment and incorporation of Real Estate Regulatory Authority