(i) In the event an allottee hands over the physical possession of the land/plot to a third party, it will be deemed to be an unauthorized transfer which shall not be recognized for any purpose, and the Corporation shall levy a 4[penalty equal to 109a of the transfer fee per year or part thereof] from the date of such unauthorized transfer, for having violated these regulations in addition to the applicable transfer fees. Should the allottee fail to regularize the unauthorized transfer by payment of fees and penalty within a notice period of 30 days the Corporation shall re-enter upon and resume the possession of the plot.
(ii) All cases wherein the allottees have entered into agreements/Memorandum of understanding to transfer their lease hold rights over the allotted plot prior to the notification of these regulations shall be also processed in accordance with these regulations;—
Provided that such allottees approach the Corporation with necessary documentation for processing their cases within a period of one year from the date of these regulations coming into force. After expiry of the specified one year period, all such cases shall be deemed to be unauthorized transfers which will attract penalty as prescribed under sub-clause (i).
(iii) Penalty to be charged under clause 8 (i) & (ii) shall not exceed an amount equal to 100% of the prevailing rate per sq. mts.
9. Any transfer on account of auction by the financial institutions pursuant to the issue of letter under clause 20 (b), shall be only for use under a category permitted by the Corporation and the fees prescribed under sub-clause 6 of Schedule III would be applicable.
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CHAPTER-II Sub-Lease