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Section 76 of The Real Estate (Regulation and Development) Act, 2016. in hindi

(1)All sums realised, by way of penalties, imposed by the Appellate Tribunal or the Authority, in the Union territories, shall be credited to the Consolidated Fund of India.
(2)All sums realised, by way of penalties, imposed by the Appellate Tribunal or the Authority, in a State, shall be credited to such account as the State Government may specify.

Summary

This part of the law explains where the money collected from fines should be deposited.
If a fine is imposed in a Union territory, the money is sent to the Consolidated Fund of India.
If a fine is imposed in a State, the money goes to an account that the State Government chooses.
This applies to all money collected as penalties by both the Authority and the Appellate Tribunal.

Practical examples

1Ramesh is a developer in Delhi, which is a Union territory, and he is ordered to pay a penalty of 10 lakh rupees. That money is sent directly to the Consolidated Fund of India.

2A real estate agent in the State of Karnataka is fined 2 lakh rupees for a violation. The Karnataka government directs that this money be credited to a specific State treasury account.

FAQ

1. Where does the penalty money go under Section 76 of The Real Estate (Regulation and Development) Act, 2016?

According to Section 76 of The Real Estate (Regulation and Development) Act, 2016, the money goes to the Consolidated Fund of India if the penalty was in a Union territory, or to a specific account chosen by the State Government if it was in a State.

2. Does Section 76 of The Real Estate (Regulation and Development) Act, 2016 apply to the Appellate Tribunal?

Yes, Section 76 of The Real Estate (Regulation and Development) Act, 2016 covers penalties imposed by both the Regulatory Authority and the Appellate Tribunal.

3. Can a State Government keep penalty money for itself under Section 76 of The Real Estate (Regulation and Development) Act, 2016?

Under Section 76 of The Real Estate (Regulation and Development) Act, 2016, penalties collected within a State are credited to an account that the State Government specifies.

Test yourself

Q1.Under Section 76 of The Real Estate (Regulation and Development) Act, 2016, where are penalties from Union territories credited?

Q2.Under Section 76 of The Real Estate (Regulation and Development) Act, 2016, who decides which account receives penalties in a State?

Q3.According to Section 76 of The Real Estate (Regulation and Development) Act, 2016, which body's penalties are covered?

Q4.Under Section 76 of The Real Estate (Regulation and Development) Act, 2016, what specific type of funds are being redirected?

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