Disposal of Land Rule - RIICO

construction activities/ commencement of production activities by the
stipulated time, or to get the stipulated period extended from competent
authority as above with payment of retention charges, failing which the
plot would be subject to cancellation.
(d) Application for extension would be decided by the competent authority
within a period of 30 days from the receipt of application.
(Inserted as per IDC decision taken vide item 7 on 25.04.2005)
10. Computation of retention charges would be done as per the rate prevailing on
the date of payment made by the allottee. (Inserted as per IDC decision taken vide
item 6 on 16.3.2001)
23-D. Waiver / reduction in interest / retention charges / other charges:
The cases of waiver / reduction in various charges shall be decided by the
following committees:
(i) Committee - I comprising of Advisor (Infra), Advisor (A&M), FA, CGM
/GM, Controlling Officer of Technical Cell and Company Secretary
(Convenor) under chairmanship of *the Executive Director shall decide the
following cases of waiver / reduction, having financial implication upto Rs.
2,00,000/-:
(a) Interest on outstanding development charges, economic rent and service
charges.
(b) Retention charges
(c) Rent / interest on rent of building let out by the Corporation
(d) Penalty in water bills due to non-payment in time.
(e) Premium/ interest on premium levied upon allottee for sub-letting the
premises.
(f) Penalty on service charges for non-payment of service charges in time.
* The Committee will be headed by the Advisor (Infra) , if the Executive
Director is not posted in the Corporation.
The Committee shall have quorum of 3 officers.
(ii) Committee-II comprising of Advisor (Infra), Advisor (A&M), FA
(Convenor), CGM/GM, Controlling Officer of Technical Cell and Company
Secretary under chairmanship of CMD shall decide the cases of waiver /
reduction mentioned in above para having financial implication more than Rs.
2,00,000/- The Committee shall have quorum of 5 officers. However, CMD
may also exercise the powers without Committee's recommendations in
deserving cases for reasons to be recorded in writing.
(iii)The Committee-II under chairmanship of CMD shall also decide the
following matters / cases irrespective of amount of financial implication
involved:
Transfer premium for transfer of part land if the unit is exclusively
financed by RIICO by way of term loan and the loanee intends to clear
term loan dues under one time settlement by way of sale of part land under
Rule 17B.