(1) The Authority shall have powers to impose penalty or interest, in regard to any contravention of obligations cast upon the promoters, the allottees and the real estate agents, under this Act or the rules and the regulations made thereunder.
(2) The Authority shall be guided by the principles of natural justice and, subject to the other provisions of this Act and the rules made thereunder, the Authority shall have powers to regulate its own procedure.
(3) Where an issue is raised relating to agreement, action, omission, practice or procedure that--
(a) has an appreciable prevention, restriction or distortion of competition in connection with the development of a real estate project; or
(b) has effect of market power of monopoly situation being abused for affecting interest of allottees adversely,
then the Authority, may suo motu, make reference in respect of such issue to the Competition Commission of India.
Legal Commentary & Landmark Judgments: Section 38
Section 38 vests the Regulatory Authority with powers to impose monetary penalties, levy statutory interest, and formulate its own internal procedural regulations guided by principles of natural justice.
Frame your prayer under Section 38/18 for refund plus interest before the Regulatory Authority Bench; never seek simple refund before the Adjudicating Officer (AO), who only assesses unliquidated damages under Section 71.