Disposal of Land Rule - RIICO
Disposal of Land Rule - RIICO
Disposal of Land Rule - RIICO
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
efundable amount <strong>of</strong> development charges. (The policy is amended as per<br />
IDC decision taken vide item 8 on 20.5.2004)<br />
(v) Dispatch <strong>of</strong> the cheque <strong>of</strong> refund <strong>of</strong> amount sent by registered A.D. post<br />
should be considered as refund <strong>of</strong> the amount under <strong>RIICO</strong> <strong>Disposal</strong> <strong>of</strong><br />
<strong>Land</strong> <strong>Rule</strong>s, 1979 irrespective <strong>of</strong> non- encashment or returning <strong>of</strong> the<br />
cheque by the concerned party to the Corporation. The money shall be<br />
refunded only after the possession <strong>of</strong> the land is handed over by the<br />
party or possession is taken as per orders <strong>of</strong> the competent court /<br />
authority or deemed possession <strong>of</strong> the vacant plot.<br />
(Substituted as per IDC decision taken vide item 8 on 10.12.2001 and item 8<br />
on 27.12.2002. Inserted/amended as per item 31 <strong>of</strong> IDC meeting held on<br />
10.2.2010)<br />
(g-i) Conditional Surrender:<br />
For the purpose <strong>of</strong> setting up <strong>of</strong> a new unit in joint venture with a foreign<br />
company, the allottee may be allowed to surrender his plot to <strong>RIICO</strong>. The same<br />
plot may be allotted to the proposed new unit at the rate prevailing on the date <strong>of</strong><br />
allotment, irrespective <strong>of</strong> the priority list <strong>of</strong> the pending applications and holding<br />
<strong>of</strong> controlling share by the original proprietor / partner(s) / directors.<br />
(g-ii) Surrender <strong>of</strong> allotted plot/land by the khatedar:<br />
In case allottee Khatedar surrenders allotted plot, the amount <strong>of</strong> cash<br />
compensation may be paid as per award without interest after recovering<br />
outstanding dues towards economic rent and interest thereon and other dues,<br />
if any, till the date <strong>of</strong> surrender <strong>of</strong> the plot/land.<br />
(Inserted as per approval <strong>of</strong> IDC vide item 14 <strong>of</strong> its meeting held on 27.10.2008)<br />
18(h): The deposited amount shall be refunded alongwith interest as per the prescribed<br />
rate with the approval <strong>of</strong> the Managing Director in those cases where the<br />
allotment / possession <strong>of</strong> the plot could not be given by the Corporation due to<br />
court case or other unavoidable circumstances. However, the present rate <strong>of</strong><br />
interest (w.e.f. 1.11.2003) is as following:<br />
Table-4<br />
1. If amount remains with the Corporation for a period less @5.50% p.a.<br />
than 1 year<br />
2. If amount remains with the Corporation for a period <strong>of</strong> 1 @6.00% p.a.<br />
year and above<br />
(Inserted as per IDC decisions taken vide item 28 on 20.9.1997, item 6 on<br />
21.2.1998 and <strong>of</strong>fice order No. IPI/F-1 (9)2/82 dated 29 th October, 2003)<br />
18( h-i) Where an entrepreneur is desirous <strong>of</strong> getting a plot / plots allotted in any <strong>of</strong> the<br />
Industrial Area <strong>of</strong> <strong>RIICO</strong> in lieu <strong>of</strong> his/her allotted plot / plots in a industrial area,<br />
the entire amount deposited by the entrepreneur on account <strong>of</strong> Security Money