Disposal of Land Rule - RIICO

Project proposals should specify the following:-
a) the area requirement and its utilization proposals i.e. indicative areas proposed to
be put under different uses/components of the Complex/ Campus based on the
‘Concept Plan’.
b) total project cost including land cost, cost of internal development of the campus,
construction cost of buildings etc.
c) means and modes of financing.
d) time schedule of development program i.e. the development targets set to be
achieved over a period of time.
e) proof of financial soundness.
f) experience in the field of infrastructure development or urban development
projects. Details of same may be furnished.
g) in the case of an Anchor unit, detailed project profile and details of such projects
developed elsewhere, if any and details of the vendors proposed to be brought in
the complex/campus.
h) details of expected generation of employment by the project.
i) any other information the applicant deems relevant for the project may also be
furnished..
5. PROCEDURE OF ALLOTMENT AND TERMS OF PRE-REQUISITE
PAYMENTS:
i) The land will be allotted on reserve rate applicable which will be fixed by the
competent committee of the Corporation constituted for the purpose under the
chairmanship of the Managing Director, having Advisor (Infra), Advisor (A&M)
and FA as its other members.
ii) Expression of interest will be invited from the interested anchor units/developers
by way of releasing an advertisement in the News Papers, as per the laid down
procedure. The expression of interest will be invited for the purpose of adjudging
technical qualifications of the applicant. If there are more than one technically
qualified applicants then there will be financial bidding held between/amongst
the technically qualified applicants.
iii) The proposals will be examined by the above Committee and RIICO will allot
land on such terms and conditions as stipulated by the Committee in addition to
the standard terms and conditions of allotment as laid down in RIICO Disposal of
Land Rules, 1979.
iv) After approval of the project in-principle the applicant will be required to deposit
25% of the cost of land and 1% of the cost as security money, within 60 days
from the date of communication of the approval.
v) In case the applicant fails to deposit 25% cost of land and the security money, as
envisaged above within the stipulated period extension of 30 days could be
allowed with interest chargeable at the prevailing rate, from the date of
communication of approval. This extension will be subject to the condition that
the applicant must inform RIICO regarding extension within 60 days otherwise
the approval shall lapse, automatically.
* The balance cost of the land will be paid within 60 days of the land
allotment as provided in RIICO Disposal of Land Rules, 1979. The land
allottee can also opt to pay the balance cost of land (75% development
charges) in7 equal quarterly interest bearing instalments. Delay in timely
payment of the instalment(s) will attract interest at higher rates for the
period of delay.