Section 9
of Housing Developers Project Account Rules 1995
Section 9
After the submission of the application for a Certificate of Fitness for Occupation by the licensed housing developer and upon the handing over of vacant possession with the connection of water and electricity supply to all the housing accommodations that have been sold in the housing development, the licensed housing developer may withdraw any surplus monies in the Project Account after deducting –
(a)
the amount required to complete the housing development and the sale and purchase under all the sale and purchase agreements in respect of the housing
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development as evaluated by the quantity surveyor and certified by the architect or engineer in charge of the housing development; and
(b)
ten per centum (10%) of the amount referred to in paragraph (a) for contingencies and inflation.
Withdrawal on furnishing of banker’s guarantee.