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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>

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