Disposal of Land Rule - RIICO

installment payment, further interest at the rate higher by 2% over & above the
normal rate shall be levied on due principal amount of installment from the
installment due date to the payment date. While depositing the amount, payable
interest shall be deposited first.
(iv) The existing allottee may also switchover to deposit balance amount of
development charges as per above 19 quarterly installment facilities.
However, the allottee will have to deposit all the dues payable on the date of
option. The number of installments shall be reduced to the extent of
installments deposited e.g. in case the existing allottee has opted for 7
quarterly installments and deposited 2 installments, would be entitled to
deposit the remaining amount of development charges in 17 quarterly
installments.
(Inserted as per IDC decisions taken vide item 16 on 25.02.2000 and amended vide item 5 on
8.1.2001 and item 10 on 18.08.2001. Amended as per item 24 of the meeting 10.2.2010.
Amended further vide 7 0f the IDC meeting held on 30.7.10 )
12(4) For plot allotments through auction, the charges shall be paid as per the terms &
conditions of auction.
(Substituted as per IDC decision taken vide item 6 on 22.03.2000)
12(5) Installment Scheme for commercial plot allottees:
Same as applicable to industrial plots and mentioned in sub rule 12 (3) above . The
allottee of commercial plot also, may opt to pay balance 75% development charges
within 60 days of the land allotment for which no interest will be charged.
Commercial plot allottees will balance 75% development charges in equal quarterly
instalments as per details given here under:
(i) Total permitted quarterly instalments will be 10 in numbers. Out of which
initial 1 instalment will be interest free in developed areas and 3 in under
developed areas and for the remaining instalments, interest at the
prescribed rate shall be paid.
(ii) If the allottee does not want to avail any interest free instalment facility,
then the payment will be received in 19 quarterly instalments. In such case
all the instalments will be interest bearing instalments.
Note:
In such cases, possession of the plot can also be handed over to the allottee
concerned even before payment of full cost as is being done in case of industrial
plots i.e. the allottee will be given possession of the land within 90 days of the
allotment subject to payment of initial deposit amount.
(Inserted as per IDC decision taken vide item 10 on 18.08.2001. Amended/inserted as per item 15 of IDC
meting held on 15.9.2009 )
12(6) Installment Scheme for allottees of residential plots: