Disposal of Land Rules - RIICO
Disposal of Land Rules - RIICO
Disposal of Land Rules - RIICO
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(Substituted as per IDC decisions taken vide item 23, 24, 16, 5&22 and 14 on 21.2.98, 29.12.99, 25.2.2000,<br />
13.11.2000 and 16.12.2000 respectively. Amended as per item 24 <strong>of</strong> themeeting held on10.2.2010)<br />
9. PERIOD OF LEASE AND<br />
ECONOMIC RENT<br />
The lease will be granted for a period <strong>of</strong> ninety-nine<br />
years on payment <strong>of</strong> annual economic rent that may<br />
be prescribed by the Corporation from time to time.<br />
The lease period shall commence from the<br />
allotment date and obligations & liabilities under<br />
lease agreement shall be deemed to have<br />
commenced from that date. The economic rent shall<br />
be paid within 60 days from the land allotment date<br />
for current financial year. In cases <strong>of</strong> plots allotted<br />
in auction, economic rent shall be paid within 60<br />
days from the date <strong>of</strong> taking possession / deemed<br />
possession for the current financial year. For<br />
subsequent financial years economic rent shall<br />
become due on 1st April <strong>of</strong> the year and be paid in<br />
advance by 31st July <strong>of</strong> every year. Interest on<br />
outstanding economic rent if any, shall be<br />
recovered from the due date as per rules.<br />
(Substituted as per IDC decision taken vide item 11 on 03.06.2000)<br />
9 (A). Renewal <strong>of</strong> lease period in respect <strong>of</strong> transferred industrial areas and estates:<br />
In the transferred industrial areas and estates the lease period may be extended for a<br />
further period <strong>of</strong> 69 years from the expiry date <strong>of</strong> 30 years period, subject to payment <strong>of</strong><br />
economic rent, service charges and other land dues and furnishing an undertaking on a<br />
non-judicial stamp paper, that the lessee shall abide by the <strong>RIICO</strong> <strong>Disposal</strong> <strong>of</strong> <strong>Land</strong><br />
<strong>Rules</strong>, 1979. This shall be applicable only in those cases where the lease period has<br />
been specified as 30 years. The period will be reckoned from the date <strong>of</strong> lease deed<br />
execution.<br />
(Substituted as per IDC decision taken vide item 11 on 28.06.1997)<br />
10. REVISION OF ECONOMIC<br />
RENT<br />
The Corporation reserves the right to revise the rate<br />
<strong>of</strong> economic rent in every 5 years provided<br />
however, the rent enhancement at each revision<br />
shall not exceed 25% <strong>of</strong> the rent payable for the<br />
period immediately preceding the revision. The<br />
quantum <strong>of</strong> rent determined by the Corporation<br />
shall be final, conclusive and binding on the allottee<br />
and it shall not be questioned in any court <strong>of</strong> law or<br />
otherwise.<br />
Prevailing rates <strong>of</strong> Economic Rent are available at<br />
Form ‘F’.<br />
Guidelines for levy <strong>of</strong> one time economic rent can<br />
be seen at Form'F-1'.
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