Disposal of Land Rule - RIICO

(vii) After approval of the sub-division plan, the original allottee and transferee
will be bound to abide by the rules and regulations of the RIICO Disposal
of Land Rules, 1979.
(viii) Transfer of sub-divided land/plot subsequent to sub-division of the allotted
land/plot in accordance with the above mentioned provisions/stipulations
etc. will be allowed on payment of a transfer fee @ 15% of the prevailing
rate of allotment of the industrial area concerned.
However, the land/area on which the unit was set up and remained with
the original allottee should not be transferred before five years from the
date of approval of sub-division.
(inserted as per item 19 of the meeting held on 29.5.2012)
18. TRANSFER OF PLOT AND CHANGES IN CONSTITUTION
18(a) Transfer defined:
For the purpose of this provision transfer of plot (transfer of leasehold rights) will
mean transfer of full plot, by way of sale, lease, assignment etc. including Merger,
Acquisition and Amalgamation of the Companies. It will include transfer of
plot/land by an individual/firm/company or any other allottee/lessee as the case
may be.
Notes:
(i) The transferee will have the status of an allottee/lessee of the Corporation and
all the rules and regulations of the Corporation will apply to the transferee
‘Mutatis-Mutandis’. The transferee will be holding the land for the remaining
lease period available in balance with the transferor of the land/plot.
(ii) Lease period of 99 years will be computed from the date of original allotment in
these transfer cases.
(a-i) Transfer of interest in Firm:
If, at any stage holding / ownership interest of the proprietor/ promoter
partners, who were there in the firm at the time of plot/land allotment as the
case may be, goes down below 51% in the firm, the same will be treated as
transfer of allotted plot for the purpose of these rules & transfer fee as
prescribed below will be charged.
(a-ii) Transfer of interest in Company:
In case of private limited / public limited companies, plot transfer will be so
treated if the allotted plot is transferred to a new company / firm. But when only
shares of a company are transferred or Directors in the company are changed and
the plot remains in the name of same company, it will not be treated as transfer of
plot.