Regulation 10
Banker’s guarantee in lieu of money and amounts referred to in rule 7
of Housing Developers (Project Account) Rules
Subsidiary LegislationIn forceProvision 10 of 13
Regulation 10
Notwithstanding the provisions of these Rules, a licensed housing developer may withdraw moneys in the Project Account if he has furnished to the Controller a banker’s guarantee of an amount equivalent to the amount to be withdrawn and has obtained the approval in writing of the Controller.