Disposal of Land Rules - RIICO
Disposal of Land Rules - RIICO
Disposal of Land Rules - RIICO
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8. Payment Terms:<br />
An earnest Money @ 2% 0f the total cost <strong>of</strong> the land to be submitted along with<br />
the application. The same will be refunded interest-free to the applicants who do<br />
not pass the eligibility criteria.<br />
Eligible applicants will be required to deposit before making the presentation,<br />
10% <strong>of</strong> the total land cost (after adjusting the earnest money).<br />
All money's paid by the rejected applicants will be refunded interest-free.<br />
The money's paid by the selected /approved applicants will be adjusted in final<br />
payment to be made by them.<br />
After the in principle approval, selected applicants will be required to deposit<br />
25% <strong>of</strong> the cost <strong>of</strong> land within 30 days <strong>of</strong> the approval (LOI <strong>of</strong> the same will be<br />
issued).<br />
Balance 75% will be deposited by the selected applicants within 90 days <strong>of</strong> the<br />
allotment letter issued (after adjusting the earnest money and 10% paid). The<br />
possession <strong>of</strong> land will be given after receipt <strong>of</strong> 100% payment.<br />
No payment will be allowed in instalments.<br />
In case <strong>of</strong> any default by the selected applicants, all amounts already paid, shall<br />
be forfeited.<br />
9. Development Details:<br />
The selected applicants would be required to develop the Affordable and Low<br />
Cost Group Housing as per the guidelines mentioned in Affordable Housing<br />
Policy 2009 <strong>of</strong> the State Government