| Procedure of Land Allotment |
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APPLICATION --
Form available from Corporate Office & Branch Offices.
Cost of Application Form – Rs.100/-in Cash /Bank Draft.
Applicant required to submit completed Application Form (in triplicate) – along with Bank Draft of Rs.5,000/- adjustable against Lease Premia.
Documents mentioned in application form like Project Report, relating to Company etc. are also to be submitted.
OFFER LETTER --
Is issued along with form of Acceptance of offer. consideration of offer is 50% of lease premium and 50% of one year advance maintenance ch.
ACCEPTANCE OF OFFER --
ALLOTMENT LETTER --
Is issued on receipt of Acceptance of Offer & 50% lease Premium & 50% Maintenance Charge.
JOINT MEASUREMENT --
On realisation of 100% Lease Premium and Maintenance Charge.
AGREEMENT TO LEASE --
Is executed between WBIIDC & Entrepreneur on Non-Judicial Stamp Paper of Rs.10/-
POSSESSION --
On realisation of full Lease Premium& on execution of Agreement to Lease.
DEED OF LEASE --
To be executed between WBIIDC and Entrepreneur. |
| PAYMENT OF LEASE PREMIUM |
| Lease Premium is payable in two stages:- |
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Offer Stage : 50% of the total land/covered space along with 50% of one year's advance Maintenance Charges payable within 30 (thirty) days from the date of issue of Offer Letter. |
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Allotment Stage: Balance 50% land cost & Maintenance Charge payable within One month of issuance of Allotment Letter. |
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| PAYMENT OF ANNUAL LEASE RENT |
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Lease rent for first 20 years payable at allotment stage. |
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Subsequently, at 10 years
intervals till end of 99 years lease period. |
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Lease rent varies for different slabs of land. |
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| EXTENSION OF PAYMENT PERIOD |
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After Offer: Maximum 3 (three) months after first 30 (thirty) days of Offer.
- Interest @ 9% p.a payable for extended period.
- For non-payment, Offer is withdrawn, and application fee is forfeited. |
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After Allotment: Maximum 6 (six) months after first 30 (thirty) days of Allotment.
- Interest @ 9% p.a. payable for extended period.
- ALLOTMENT is cancelled for non-payment, Land Premium is refunded after deducting Application Fee paid (Rs.5,000). |
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| LEASE & MORTGAGE |
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A long term Deed of Lease generally for 99 years is executed after fulfillment of clauses of Agreement to Lease. Stamp Duty & Registration Charges is payable by entrepreneur. |
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Mortgage permissible with prior consent of Corporation for obtaining financial assistance. |
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| UTILISATION OF LAND |
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Submission of factory/Bldg. Plan to WBIIDC within 6 (six) months with requisite fee. |
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12 (twelve) months for commencement of construction. |
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36 (Thirty six) months for starting production. |
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| [Period reckons from date of possession] |
| ASSIGNMENT OF LEASE HOLD RIGHT |
Transferor & proposed Transferee are to apply jointly expressing their interest with documents like Board
Resolution subject to following : |
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Consent of the Corporation required. |
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10 –15% of the existing Lease Premium payable by the incoming unit. |
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For mortgaged land, consent of the Financial Institution is required. |
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| SURRENDER / RESUMPTION OF LAND |
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Surrender of land/covered space is possible in which case entire payment made towards lease premium is refunded after deducting non-paid Users' Charges, if any. |
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Failure to utilise the land within stipulated time-frame & for violation of Terms/ Condition of Lease the Corporation may resume the land by giving notice to the allottee. |
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