CH-V_VII Establishment of RERA and REAT

Section 2 (za) (ii) does not restrict or provide that interest is payable only after the commencement of the Act, and it takes care of the fact that once the allottee had made deposit with the promoter he is liable to pay the interest from the date of deposit of the entire amount or part of the amount. Similarly on the reading of Section 71 it is crystal clear that Adjudicating Officer has been adorned with the power of adjudicating compensation only under Sections 12, 14, 18 and 19 of the Act and not in regard to the refund of the amount or grant of interest on the amount deposited by the allottee with the promoter. Thus, power of refund of amount alongwith interest which has been provided under Section 18, with the authority was rightly exercised by it in the interest of justice.