(1) The license granted in accordance with Section 4 shall be valid for one financial year except in the case of cancellation in accordance with Section 7. Regardless of the date on which the license was granted, the term of such license will expire at the end of that financial year.
(2) According to sub-section (1), every construction professional whose license has expired shall renew the license as specified by the designated authority by paying the prescribed fee within three months from the date of expiry of the license.
(3) The builder who wants to renew the license within six months after the expiry of the period as per sub-section (2) may renew the license as prescribed by paying the additional fee as prescribed.