Disposal of Land Rule - RIICO

8. POSSESSION ( i ) After making payment of balance development
charges, physical possession of the allotted plot
shall be taken by the allottee within 90 days from
the date stipulated for payment of balance 75%
development charges as mentioned in allotment
letter or the actual date of payment whichever is
later.
( ii ) However, in exceptional cases Managing Director
may allow to hand over possession of the industrial
plots before payment of full development charges.
(iii) In case of industrial/commercial plots, if payment
of development charges is allowed in instalments,
the plot possession shall be taken by the allottee
within 90 days from the allotment date.
(iv) It shall be necessary that the allottee will take
physical possession of the plot within the above
specified or the extended time period. For this, an
intimation by a registered A.D. post or by a courier
will be sent to the allottee, to the effect that
allotment will be cancelled if the allottee does not
turn up for taking physical possession of the
allotted plot within the specified time period.
(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,
13.11.2000 and 16.12.2000 respectively. Amended as per item 24 of themeeting held on10.2.2010)
9. PERIOD OF LEASE AND
ECONOMIC RENT
The lease will be granted for a period of ninety-nine
years on payment of annual economic rent that may
be prescribed by the Corporation from time to time.
The lease period shall commence from the
allotment date and obligations & liabilities under
lease agreement shall be deemed to have
commenced from that date. The economic rent shall
be paid within 60 days from the land allotment date
for current financial year. In cases of plots allotted
in auction, economic rent shall be paid within 60
days from the date of taking possession / deemed
possession for the current financial year. For
subsequent financial years economic rent shall
become due on 1 st April of the year and be paid in
advance by 31 st July of every year. Interest on
outstanding economic rent if any, shall be
recovered from the due date as per rules.
(Substituted as per IDC decision taken vide item 11 on 03.06.2000)
9 (A). Renewal of lease period in respect of transferred industrial areas and estates:
In the transferred industrial areas and estates the lease period may be extended for a
further period of 69 years from the expiry date of 30 years period, subject to payment of