State the penalty to be imposed in the following cases as per the provisions of the Real Estate (Regulation and Development) Act, 2016: A Housing Scheme Project was launched by ABC Ltd. The promoter of the company filed

According to section 4 of Real Estate (Regulation and Development) Act, 2016 the promoter shall enclose, along with the application to the Authority for registration of the real estate project, a declaration, supported by an affidavit, which shall be signed by the promoter or any person authorised by the promoter, stating that seventy per cent. of the amounts realised for the real estate project from the allottees, from time to time, shall be deposited in a separate account to be maintained in a scheduled bank to cover the cost of construction and the land cost and shall be used only for that purpose. According to Section 60, if any promoter provides false information or contravenes the provisions of Section 4, he shall be liable to a penalty, which may extend up to five per cent of the estimated cost of the real estate project, as determined by the Authority.