Restriction on Re-Issue of OTPs
Extension of OTP Validity Period
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Annex A
New licence conditions on the restriction on re-issue of Option to Purchase to the same purchaser(s) for the same unit
(1) Not to, on or after (DD MMM YYYY, “the effective date of the condition” ), enter into any agreement or arrangement not being an option to purchase prescribed under the Housing Developers Rules, and whether with or without the receipt of consideration, that gives or has the effect of giving any person (including an intending purchaser) a right or entitlement to be given an option to purchase any unit(s) in the housing project.
(2) Not to, without the prior written consent of the Controller of Housing, give an option to purchase for the sale of a unit in the housing project to an intending purchaser ("the Intended Option Holder"), whether with or without other intending purchaser(s), within 12 months after the expiry of an earlier option to purchase for the same unit given to the Intended Option Holder, whether with or without other intending purchaser(s) and whether for the same or different purchase price. This condition shall not apply if the Intended Option Holder had been given an option to purchase the same unit before (DD MMM YYYY, “the effective date of the condition”).
(3) Where Condition (2) applies, to notify any intending purchaser of Condition (2) and obtain the written acknowledgment of the intending purchaser that notice of Condition (2) was given before giving the intending purchaser an option to purchase for the sale of any unit in the housing project.
Annex B
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