(1) Notwithstanding anything contained in these rules, in case of auction/ allotment by way of lease, the lease period shall commence from the date of the execution of the lease deed and shall be for a period of 33 years, renewable for two like periods of 33 years each subject to the condition that the lessee continues to abide by all the conditions of lease at the time of such extension and during the extended period. after the expiry of the period of 99 years including two renewals mentioned above, the lease may, at the discretion of the Administration, be renewed for such further period and on such terms and condition as the Administration may so decide.
(2) Payment of Annual Lease Rent shall be in addition to the lease premium which shall be fixed by the Government and the lessee shall be liable to pay annual lease rent @ 2,5 percent of the premium for the first 33 years, 3.75 percent of the premium for the next 33 years and 5 percent of the premium for the remaining 33 years period of the lease.
(3) Lease shall be given through e-auction except in case of Government Section 4 PUNJAB GOVT. GAZ. (EXTRA), OCTOBER 26, 2021 (KRTK 4, 1943 SAKA) 2656 Institutions of State of Punjab or Government of India.