Amendment status not verified — confirm the current text below against the official source.
Application for grant of licence.- (1) Any registered Promoter may make an application in writing for grant of a licence to undertake or carry out any scheme to the Authority in such form accompanied by such documents and fee and in such manner, as may be prescribed. (2) The Authority may, after making such enquiry as it considers necessary, by an order in writing,- (a) award the execution of scheme after the applicant has furnished to it a bank guarantee equivalent to 10% of the estimated cost of the development work and has entered into an agreement on such terms and conditions as may be agreed upon including the provisions to ensure- (i) that the development work shall be within the framework of the approved scheme and shall confirm to the provisions of the regulations and building bye-laws; and (ii) that the time schedule within which the housing and development work is to be completed shall be adhered to; or (b) refuse to award the execution of scheme after affording the applicant an opportunity of being heard.