JUDGMENT

Sudhir Mittal, J. - Vide request dated 13.10.2017, the appellant sought permission for change of land use of an area measuring 93.265 acres for development of a residential colony. The Department of Town and Country Planning, Punjab, granted permission for change of land use vide its memo dated 17.10.2017. Consequently, an application for grant of licence was made to the Amritsar Development Authority, who, granted the licence vide its memo dated 13.06.2019. Licence period was 5 years ending on 12.06.2024. Thus, application dated 10.09.2019 was filed before the Real Estate Regulatory Authority, Punjab (hereinafter referred to as the 'Authority) for registration of Phase-I of the residential colony under the Real Estate (Regulation and Development) Act, 2016 (hereinafter referred to as 'the Act'). A declaration in Form-B was also filed stating that the development work would be completed on or before 12.06.2024. There is no dispute that Phase-I of the residential colony covers an area of 70.264 acres wherein residential plots are to be developed. Phase-II covers the rest of the land and pertains to development of a group housing colony. Vide memo dated 4.10.2019, Phase-I was