4.         SECURITY DEPOSIT

(i)

Security deposit shall be paid in the form of Bank Draft or Bankers Cheque drawn in favour of "RIICO Ltd.", @ 1% of development charges calculated on prevailing rate and reduced rate for concessional category as specified in rule 3(C), (after allowing the concessions applicable for the category), subject to minimum of Rs. 2500/-.

 

(ii)

However, relaxation may be allowed in the condition of Security deposit payment in case where land is specially acquired on requisition for big projects where Promoters have deposited keenness money.

(Substituted as per IDC decisions taken vide item 23 & 13 on 21.2.98 & 19.12.94 respectively)

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RSERVATION/PUBLIC AUCTION

5.

The  Corporation  shall  have  the  right  to reserve certain plots / land in the industrial area which it may dispose of by public auction or by entertaining individual applications. Where the Corporation decides to dispose of   the   plots   in  any  industrial  area  by public  auction ,  the  terms and conditions governing auction shall generally be as laid  down  by the Corporation as it may deem fit from time to time.

USE OF PLOTS

6.

The  plots  shall  be  used  for  erection  of factories   for   industrial   production   and other  purposes  as may be permitted by the Corporation .

OBNOXIOUS INDUSTRIES

7.

The  industries  which  are  not obnoxious and   have  no  effluent   problem  will   be permitted.  A list of obnoxious  industries  is given at annexure ‘B’ .

POSSESSION

8 ( i )

After making payment of balance development charges,   physical  possession  of the allotted plot shall be  taken by the allottee within 90 days from the stipulated date for payment of balance / 75% development charges as mentioned in allotment letter or actual date of payment whichever is later. 

 

( ii )

However , in exceptional cases Managing Director may allow to hand over possession of the industrial plots even before payment of full development charges for reasons to be recorded in writing.

 

(iii)

In case of industrial plots if  payment of development charges is allowed in instalments , the possession shall be taken by the allottees within 90 days from the date of allotment.

 

(iv)

In case the possession of industrial/ commercial/ residential plot is not taken during this period ( 90 days ) it shall be deemed to have been taken on the 91st day and the period for commencement of production will be computed from the said day ( 91st day ) or from the date of declaration of area as developed, whichever is later.