Disposal of Land Rules - RIICO

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8. Payment Terms:
An earnest Money @ 2% 0f the total cost of the land to be submitted along with
the application. The same will be refunded interest-free to the applicants who do
not pass the eligibility criteria.
Eligible applicants will be required to deposit before making the presentation,
10% of the total land cost (after adjusting the earnest money).
All money's paid by the rejected applicants will be refunded interest-free.
The money's paid by the selected /approved applicants will be adjusted in final
payment to be made by them.
After the in principle approval, selected applicants will be required to deposit
25% of the cost of land within 30 days of the approval (LOI of the same will be
issued).
Balance 75% will be deposited by the selected applicants within 90 days of the
allotment letter issued (after adjusting the earnest money and 10% paid). The
possession of land will be given after receipt of 100% payment.
No payment will be allowed in instalments.
In case of any default by the selected applicants, all amounts already paid, shall
be forfeited.
9. Development Details:
The selected applicants would be required to develop the Affordable and Low
Cost Group Housing as per the guidelines mentioned in Affordable Housing
Policy 2009 of the State Government