The
Bill also makes it mandatory for developers to maintain separate bank accounts
with scheduled commercial banks for each of their projects.
At
least 70 % of the corpus raised for the project from buyers (at intervals) will
have to be deposited within 15 days of realisation in the account. Developers
will have to channelise the money to meet the costs of that particular project.
Diversion of funds from one project to another will not be permitted.
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