(1) The amount collected by the Planning Authority as Deposition Amount and fee for issue or transfer or utilization of the Development Right Certificate shall be kept in a separate account called ‘Transferable Development Rights Fund’.
(2) The Deposition Amount shall be shared by the Planning Authority and the respective Local Authority in the ratio of 50:50. If the Deposition Amount is received for the ‘Area’ falling within the jurisdiction of multiple Local Authorities, then the Planning Authority shall share the amount received, with the Local Authorities proportionate to the ‘Area’ falling within the jurisdiction of each such Local Authority after due approval from the Government.
(3) The Fee collected by the Planning Authority for issue or transfer or utilization of Development Rights and the Planning Authority’s share of Deposition Amount shall be utilized for acquiring any ‘Area’ required by the Planning Authority for Public Purposes or for developing any ‘Area’ for Public Purpose as proposed in the approved Master plans, publications in Newspapers, Computerization and infrastructure for Transferable Development Rights transactions or for any other purposes with the prior approval of the State Government. Such fee shall not be utilized for the administrative expenses.
(4) The share of the Local Authority shall be utilized by Local Authority for the development purposes with the prior approval of the State Government.