Land Lease in case of plotted development. The plot in case of a plotted development shall be allotted to the person with whom the Lease deed for the superstructure shall be executed by the developer on a lease of 30 years, which shall be renewed for two such terms each of 30 years. Annual Lease rent at the rate of 2% of the notional premium determined by NRDA in consideration of the pro rata Development Premium of the land parcel, shall be paid by the Lessee to the NRDA in advance. Such annual lease rent shall be increased maximum upto 100% percent at the each renewal. The lease deed will clearly specify that only the land has been provided by NRDA to the Developer and the Developer is solely responsible for construction and development, their quality, timely delivery of Residential Units, and all claims/liabilities and compensation towards defects/delay or any consumer greviences whatsoever. All expenses in respect of execution and registration of the Lease Deed, including the Stamp Duty and registration fee, shall be borne by the Residential Unit purchasers.
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Sources: Grant of Development Rights for Group Housing Development, Grant of Development Rights for Group Housing Development