(1 J Any promoter intending to undertake or carry out any development work shall make an application inwriting tor grant of a licence to undertake or carryout such work to the Authority in such form accompanied by such documents and fee and in such manner as may be prescribed.
37 Additional provisions where cost of development work is to be realised in advance.
Provisions for economically weaker sections.
Recovery of capital or maintenance cost of amenities.
Development works in joint - sector.
(2) The Authority may, after making such enquiry as it considers necessary, by an order in wiritinq- (Q.)grant a licence inthe prescribed form after the applicant has furnished to it a bank guarantee equivalent to ten percent of the estimated cost of the development work and has entered into an agreement with it containing such details as may be considered necessary including provisions for ensuring -
(i) that the development shall be within the framework of the approved plan and shall conform to the provisions of the development control rules and applicable building rules, bye-laws; and
(ii) that the time schedule within which the development work is to be completed shall be adhered to ; ,
(b) or refuse to grant a licence after affording the applicant an opportuntiy of being heard.
(3) No licence shall be granted when the estimated cost of the development work exceeds;
(a) rupees ten lakhs without the prior approval of the Chief Town Planner;
(b) rupees twenty five lakhs, without the approval of the Government.
(4) The licence so granted shall be valid for a period of three years. It may, however, be renewed for reasons to be recorded in writing from time to time for a period not exceeding one year on payment of prescribed fee.
77. Where a development work envisages realisation in advance of the cost of development from the prospective allottees, the promoter shall deposit an amount equivalent to twenty five percent of the sum collected, from time to time, by him from the prospective allottees, within a period of ten days of its realisation, in a separate account to be maintained in a scheduled bank and pledged to the Authorlty. This amount can only be withdrawn on completion ofthe development work. '