Disposal of Land Rule - RIICO
Disposal of Land Rule - RIICO
Disposal of Land Rule - RIICO
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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>Rule</strong>s, 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 />
11. TERMS AND CONDITIONS<br />
OF LEASE<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’.<br />
The allottee shall abide by the terms and conditions<br />
<strong>of</strong> lease agreement and other terms as laid down by<br />
the Corporation from time to time.<br />
The lease deed shall be executed in Form ‘C’ within<br />
90 days from the date <strong>of</strong> full development charges<br />
paid. In cases <strong>of</strong> allotment on instalment basis lease<br />
deed shall be executed in Form ‘D’ within 90 days<br />
from the allotment date. Sr. DGM/ Sr. RM/ RM<br />
may also allow lease deed execution before<br />
payment <strong>of</strong> balance development charges. No<br />
retention charges will be levied in granting<br />
extension for lease deed execution.<br />
The original lease deed where full development<br />
charges have been paid may be allowed for<br />
mortgaging or may be handed over to the allottee as<br />
per Form ‘G’. (Amended as per IDC decision<br />
taken vide item 9 on 17.06.1994)<br />
In case <strong>of</strong> allotment on instalment basis or lease<br />
deed executed without payment <strong>of</strong> full development<br />
charges, the original lease deed may be sent to<br />
financial institutions if so requested, with the<br />
condition that, balance development charges shall<br />
be remitted to the Corporation by the financial<br />
institutions if the lessee fails to pay instalment(s)/<br />
balance development charges in time. In case the<br />
Financial Institution does not remit the due amount,<br />
the Corporation shall have the right to resume<br />
possession <strong>of</strong> the land irrespective <strong>of</strong> first charge <strong>of</strong>