(1) The Chief Officer shall display a notice on the Notice Board of his office, inviting sealed tenders for allotment of commercial tenements in a building or a group of buildings constructed or under construction or proposed to be constructed as a Commercial Centre, before such date as may be specified in the notice. The tenders shall be invited for specific tenements or groups of tenements in buildings in a Commercial Centre.
(2) The notice shall specify such details and salient features of the building and each of the tenement or a group of tenements, as the case may be, proposed for sale therein, the categories of establishments, if any, that are proposed to be located in the Commercial Centre, the number of tenements allocable to each such category, the manner of allotment, the amount of deposit or earnest money or both to be paid, the circumstances in which the amount of deposit or earnest money or any portion thereof may be forfeited or retained by the Board towards administrative expenses, the date on which and the time at which the tenders would be opened in the presence of the tenderers, and such other terms and conditions of allotment as may be decided by the Chief Officer.