Definition of Promoter

(zu) “promoter” means a person who,- (i) constructs or causes to be constructed a building consisting of apartments or converts an existing building or a part thereof into apartments for the purpose of selling all or some of the apartments to other persons and includes his assigns; or (ii) develops land into a colony, whether or not, he also constructs structures on any of the plots “for the purpose of” selling to other persons, all or some of the plots whether open or with structures thereon; and (iii) “constructs more than eight apartments or converts an existing building into more than eight apartments or develops a colony and the person who sells apartments or plots are different persons in any planning area, or any special area or any deemed planning area as specified in sub-section (3a) of section 1, the terms includes both of them;” Explanation.- A person who acts as described in sub-clause (iii) of this clause shall be deemed to be a promoter, even if- (i) he styles himself as a builder, colonizer, contractor, developer, estate promoter or by any other name; or (ii) he claims to be acting as the holder of a power of attorney from the owner of the land on which the building is constructed or colony is developed;