Disposal of Land Rule - RIICO

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