(a) an allottee is expected to complete the project and go into commercial operations within a period of 3 years from the date of taking over possession and except those allotments by auction by the Corporation covered under Clause 7 above, shall be given incentive as under:
- 9 -
(i) The allottee shall be entitled for refund of the 20% of the amount paid by him to the Corporation towards the premium of the land in the event the allottee completes the project and goes into commercial operation within two years.
(ii) The refund of the amounts to be made as per Clause 9 (a) (i) above shall be subject to the verification and report of the Screening Committee of the Corporation constituted as per Clause 5 (4) (a) above.
(b)In case of delay beyond 3 years maximum relaxation of one additional year shall be granted subject to the allottee paying a penalty of 25% of the prevailing land premium rate per sq. mts. calculated on the total plot area leased.
(c) If the allottee fails to start construction after 2 years or fails to implement the project and go into commercial operations even after the period of 4 years after the date of taking over possession, the allotment made shall stand terminated, the plot along with the buildings and appurtenances standing thereon shall stand reverted to the Corporation and the amounts paid by the allottee to the Corporation shall stand forfeited. The Corporation shall resume the land with all development on it and evict the allottee. The Corporation reserves its right to grant any further extension based on merit of each case and on such terms and conditions as may be imposed.
Notwithstanding anything contained above the allottee shall be free to exercise the options available under the Goa Industrial Development Corporation Transfer and Sub- Lease Regulations as in force within a period of 4 years from the date of taking over the possession of the plot. Provided that the transferee shall have to start commercial operations within a period of 3 years from the date of the transfer order issued by the Corporation and shall not be entitled for any incentives.