ANNEXURE "F"

Sub: Rates of economic rent applicable with effect from 1.4.2002

(a) In cases of allotment made and lease deeds executed upto 31.3.1991, the rate of economic rent shall be :

(i) Rs. 125/- per 4000 sqm. per annum in a town having population of 3 lacs and above ;

(ii) Rs. 75/- per 4000 sqm. per annum in a town having population more than 10000 but below 3 lacs ; and

(iii) Rs. 37/- per 4000 sqm. per annum in a town having population below 10000.

The above rates are subject to minimum of Rs. 25/- per annum.

(b) In cases of allotment made on or after 1.4.1991, the rates of economic rent shall be :

(i) Rs. 387/- per 4000 sqm. or part thereof per annum in a town having population of 3 lacs and above ;

(ii) Rs. 237/- per 4000 sqm. or part thereof per annum in a town having population more than 10000 but below 3 lacs ; and

(iii) Rs. 125/- per 4000 sqm. or part thereof per annum in a town having population below 10000.

However, with effect from 1.4.2003 the economic rent would be calculated on the basis of above rates depending on the actual size of plot and rounded off to the next rupee subject to a minimum economic rent of Rs. 100/- per annum.

In cases of allotment made prior to 1.4.2002 where the period of 5 years has not been completed after allotment of plot or last revision in economc rent allowed in favour of allottee of plot, aforesaid rates shall be made applicable soon after completion of 5 years period.

(*Revised / amended as per decision taken by IDC vide item 3 of the meeting held on 28.2.2002 and item 7 dated 30.6.2003)

ANNEXURE "F-1"

LEVY OF ONE TIME ECONOMIC RENT

At present economic rent is payable annually before 31st July every year, after that interest at prescribed rate is to be charged from 1st April of the year. However, the entrepreneurs may opt for one time deposition of the economic rent in lumpsum on the following conditions :

(i) that, he has cleared all the outstanding dues of economic rent upto the date of option.

(ii) that, he deposits a lumpsum amount equal to the economic rent of 10 years calculated as per the rates applicable / prevailing on the date of option.

(iii) that, payment of economic rent in lumpsum will not affect the nature of the title over the plot i.e. the plot would remain always on lease.

(iv) that, he gives an undertaking to the effect that :

(a) RIICO shall continue to have full right to cancel the allotment of land on account of any violation of the terms & conditions of the lease deed.

(b) he, as allottee would not demand for refund of economic rent deposited in lumpsum in the event of plot being cancelled on account of violation of lease deed conditions or voluntary surrender of lease.

As regards fresh cases of allotments also the allottee would have the option for one time lumpsum deposit of economic rent.

(*Inserted as per decision taken by IDC vide item 9 of the meeting held on 17.6.94)