Power to grant licence to the Promoter

(1) The Authority may, with the prior approval of the State Government, grant a licence, in the prescribed form, to the Promoter to undertake a scheme on such terms and conditions as may be mutually agreed upon after the following such procedure and on payment of such licence fee, as may be prescribed. (2) If the licence is granted, the Promoter shall execute the scheme as finalized by the Authority under section 20 of this Act. (3) After the scheme has been executed, necessary completion certificate shall be issued by the Authority that the scheme has been executed as finalized by it under section 20 of this Act. (4) Upon the issue of the completion certificate by the Authority, it shall transfer the ownership of the land, in the manner prescribed, to the Promoter.