Return of amount and Compensation

Return of amount and Compensation.—If the promoter fails to complete or is unable to give possession of a plot or building,—

1. (a) in accordance with the terms of the agreement or, as the case may be, duly completed by the date specified therein or any further date agreed to by the parties; or
2. (b) due to discontinuance of his business as a developer on account of suspension or revocation of his registration under this Act or for any other reason, he shall be liable on demand, without prejudice to any other remedy available, to return to the allottees, the amount received by him in respect of that plot or building, as the case may be, with interest at such rate, as may be prescribed, in this behalf including compensation to the allottees, in the manner provided under this Act.