The latest Operate claims that in case any promoter contravenes the fresh arrangements away from Part step 3, he will likely be liable to a penalty of up to 10 percent of your own projected cost of the genuine property investment, given that dependent on the newest Authority.
“Or no promoter doesn’t follow the brand new orders, behavior otherwise rules granted below sandwich-part (1) otherwise will continue to break the fresh new provisions regarding Section step three, the guy are going to be punishable with imprisonment to have an expression that could expand around 3 years otherwise which have okay that could extend around a deeper 10 percent of your projected rates of the a residential property venture, or having one another,” they told you.