Disposal of Land Rules - RIICO

18(c) Exemptions:
The following cases will be exempt from payment of transfer fee:
(i) If transfer of plot/land or interest/holding in the firm is in favour of blood
relations. The spouses shall also be treated at par with blood relatives.
(ii) If the transfer of the land/plot is being affected due to sale of land/plot by
Financial Institutions, RIICO, RFC, Banks, DRT or the competent Courts
under the relevant Act, after taking over the assets of the unit.
(iii) If the transfer of the land / plot is being affected in pursuance of rehabilitation
scheme sanctioned/ approved by BIFR/AAIFR/Financial Institutions.
(iv) If the plot is being transferred to a new firm wherein the transferor
proprietor/partner(s) and / or their blood relations are holding controlling
shares in the new transferee firm.
(v) If an allottee proprietorship firm/partnership firm wants to carry out the
business in changed name and / or style (converting into proprietorship firm/
partnership Firm/ Company as the case may be) provided the original
proprietor/partners and / or their blood relations hold major share holding in
the new set-up.
(vi) If an allottee private limited / public limited company continues to carry out
the business in its name irrespective of making changes in their board of
director or carry out the business in the name of the company permitted by
re-placing the name of existing company.
(vii) If the transfer of the allotted plot from one company to another company is
being affected on account of the situation that the two companies (
allottee/lessee company and transferee company) are getting amalgamated
under the relevant law and in both these companies there are common
directors having minimum 75% share holding in each of the amalgamating
company. ( inserted as per approval of the IDC vide item 28 of its meeting held on
30.7.2010.)
18(d) Explanations and Notes:
(i) Existing partners / promoters means partners / promoters existing at the time
of plot allotment.
(ii) Blood relations means husband, wife, sons, daughters, brothers, sisters,
father, mother, grand father & grand son of the allottee.
(iii) Transfer of the plot under the rule will be subject to the condition that the
Corporation will not be responsible to provide any infrastructure facilities
viz. road, water, power, drainage, street lights etc. It will be the exclusive
responsibility of the transferor/transferee to arrange the required
infrastructure facilities at their own level and cost. An undertaking to this
effect shall be taken from the transferor / transferee at the time of issuing
permissions for transfer under the rule.
(iv) Transfer of plot / land under these rules will be permitted for the same
purpose for which the plot / land had been allotted.