(Substituted as per decisions taken by IDC vide item 23, 24, 16, 5&22 and 14 of the meetings held on 21.2.98, 29.12.99, 25.2.2000, 13.11.2000 and 16.12.2000 respectively.)
PERIOD OF LEASE AND ECONOMIC RENT	9	The lease will be granted for a period of ninty nine years on payment of annual economic rent which may be prescribed by the Corporation from time to time . The period of lease shall commence from the date of allotment and obligations & liabilities under lease agreement shall be deemed to have commenced from that date. The economic rent shall be paid within 60 days from the date of allotment of land for current financial year and in case of allotment of plots in auction, economic rent shall be paid within 60 days from the date of taking possession / deemed possession for the current financial year and for subsequent financial years it shall become due on 1st April of each financial year and be paid in advance by 31st July of every year. Interest on outstanding economic rent of previous years , if any , shall be recovered from due date as per rules . (Substituted as per the decision taken by IDC vide item 11 of the meeting held on 3rd June, 2000 .)
9 (A) RENEWAL OF LEASE PERIOD IN RESPECT OF TRANSFERRED INDUSTRIAL AREAS AND ESTATES . The period of lease in case of all the transferred industrial areas and estates may be extended for a further period of 69 years from the date of expiry of the 30 years period subject to payment of the economic rent, service charges and other land dues, and furnishing an undertaking on a non-judicial stamp paper that lessee shall abide by the RIICO Disposal of Land Rules, 1979 as applicable on these areas. This shall be applicable only in those cases where the lease period has been specified as 30 years. The period will be reckoned from the date of execution of the lease deed . (Substituted as per the decision taken by IDC vide item 11 of the meeting held on 28th June, 1997 .)
REVISION OF ECONOMIC RENT	10	The Corporation reserves the right to revise the rate of economic rent in every 5 years provided however, the enhancement in rent at each revision shall not exceed 25% of the rent payable for the period immediately preceding the revision. The quantum of rent determined by the Corporation shall be final, conclusive and binding on the allottee and it shall not be questioned in any court of law or otherwise. Prevailing rates of Economic Rent are available at annexure ‘F’. Guidelines for levy of one time economic rent can be seen at annexure F-1.
TERMS AND CONDITIONS OF LEASE	11.	The allottee shall abide by the terms and conditions of lease agreement and other terms as laid down by the Corporation from time to time.
		The lease deed shall be executed in Form ‘C’ within 90 days from the date of payment of full development charges and in cases of allotment on instalment basis lease deed shall be executed in Form ‘D’ within 90 days from the date of allotment. Sr. DGM / Sr. RM / RM may also allow execution of lease deed before payment of balance development charges. No retention charges will be levied in granting extension for execution of lease deed.
		The original lease deed where full development charges have been paid may be allowed for mortgaging or may be handed over to the allottee as per Annexure - ‘G’. (Ammended as per decision taken by IDC vide item 9 of the meeting held on 17th June, 1994.)
		In cases of allotment on instalment basis or lease deed executed without payment of full development charges the original lease deed may be sent to financial institutions, if so requested with the condition that, balance development charges shall be remitted to the Corporation by the financial institutions. If the allottee / lessee fails to pay instalment (s)/ balance development charges in time and in case the Financial Institution does not remit the due amount to the Corporation then, the Corporation shall have the right to resume possession of the land irrespective of first charge of the Financial Institution.