Housing Developers (Project Account) Rules

  Table of Contents

1 Citation

2 Definition

3 Developer to deposit purchase money into Project Acccount

4 Developer to deposit loans into Project Account

5 Application of moneys in Project Account for specified purposes

6 Release of money from Project Account

7 Withdrawal of money in Project Account after grant of temporary occupation permit

8 Withdrawal of surplus money in Project Account where there is no subsisting mortgage

9 Withdrawal of all moneys in Project Account when building project completed

10 Banker’s guarantee in lieu of money and amounts referred to in rule 7

11 Redemption of subsisting mortgage upon grant of temporary occupation permit

12 Certificate of auditor

13 Penalties

  Legislative History