Section 203 — Provision of laying out and making a street before the construction of a building on a site which does not abut a public or private street

203. ¹[Except where a site abuts a public or private street, if any person owning or possessing any land not hitherto used for building purposes intends to utilize, sell, lease or otherwise transfer such land or any portion thereof as site for the construction of a building, he shall, before utilizing, selling, letting or otherwise transferring such site, lay out and make a street which shall connect such site with an existing public or private street. ]