Section 77 in Sikkim Urban and Regional Planning and Development Act, 1998
77. Additional provisions where cost of development work is to be realized in advance.
- Where a development work envisages realization in advance of the cost of development from the prospective allottees, the promoter shall deposit an amount equivalent to twenty five per cent to the sum collected, from time to time, by him from the prospective allottees, within a period of ten days of its realization, in a separate account to be maintained in a scheduled bank and pledged to the Authority. This amount can only be withdrawn on completion of the development work.
