CHAPTER V - RATE OF INTEREST PAYABLE BY PROMOTER AND ALLOTTEE AND TIMELINES FOR REFUND

No: DOH 109KHB2017 Karnataka Government Secretariat VikasaSoudha, Bangalore, Dated: 10-07-2017

NOTIFICATION - Whereas the draft of the Karnataka Real Estate (Regulation and Development) Rules, 2016 was published vide Government Order No. DOH 128 KHB 2016, dated: 24th October, 2016, in part I of the Karnataka Gazette ( Extra Ordinary Number 1193), dated 24th October, 2016 inviting suggestions from all persons likely to be affected thereby within fifteen days from the date of its publication in the Official Gazette And whereas, the said Gazette was made available to public on 24th October, 2016And whereas, suggestions have been received and considered by the State Government And whereas, the Government of India vide S.O No.3347, dated 28thOctober 2016 had made the order for removing certain difficulties in implementing the provisions of the Act

Rule 17 - Timelines for refund

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Any refund of money along with theapplicable interest and compensation, if any, payable by the promoter in terms of the Act or the rules and regulations made there under, shall be payable by the promoter to the allottee within sixty days from the date on which such refund along with applicable interest and compensation, if any, becomesdue

 

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