(1) No promoter shall start any transaction including sale or marketing for sale of flats in a new project or phase of such project without displaying such flats on the website of the Housing Regulatory Authority :
Provided that, for projects that are ongoing on the date of commencement of this section and where the occupation certificate is still to be obtained, the promoter shall make application to the Housing Regulatory Authority for registration of its project within such period as may be prescribed.
(2) No promoter shall start sale of a prescribed percentage of flats the area of which shall not exceed ten per cent. of the total area of each of the building in every new project (hereinafter referred to as "Retained Flats"), till occupation certificate from the local authority in respect of that building is obtained by the promoter. The details of such flats shall be displayed on the website of the Housing Regulatory Authority, before the start of any transaction including marketing. The promoter shall be entitled to sell "Retained Flats", in each of the building only after receipt of occupation certificate or building completion certificate from the local authority for that building.