General liabilities of allottee

(1) Every allottee who has executed an agreement of sale to take an apartment or a plot under section 78q or any property under section 78za shall pay at the proper time and place, the price, the proportionate share of the municipal taxes, water and electricity charges, ground rent, if any, and other charges in accordance with the agreement of sale. (2) Any person who has executed an agreement of sale of an apartment or plot or other property and who, without reasonable excuse, fails to comply with or contravenes the provisions of sub-section (1) shall, on conviction, be punished with fine which may extend to one percent of the price of the apartment or plot or property, as the case may be, or one thousand rupees, whichever is higher.