Section 13 in Punjab Apartment and Property Regulation Rules, 1995
13. Grant of Licence.
- The competent authority shall grant a licence in Form APR V after the promoter has furnished a bank guarantee equal to twenty five per cent of estimated cost of the development works duly certified by the competent authority and the promoter has undertaken to enter into an agreement in Form APR IV for the completion of development works as per conditions of the licence so granted and agrees to deposit the service charges as provided under section 32. [Sections 5(3) and 45(2)(e).]
