In the scheme approved by the Chief Town Planner or his representative authorised by him in this behalf, plot of land indicated for parks and playgrounds, educational institutions, hospitals, dispensaries, cinemas, markets and such other use shall be reserved tor the purpose it has been earmarked and shall not be entitled for allotment.
^[12. Fixing of Minimum Premium (Reserve price or fixed price).- (1) Minimun premium (Reserve price or fixed price) of urban land shall be determined by the Trust after considering the cost of development.
(2) The reserve price (minimum premium) determined by the Trust for disposal of land shall be the sanctioned reserved price or the scheme price (minimum premium) at which the land shall be disposed of by the Trust:
Provided that the reserve price of the land meant for commercial use shall not be less than twice the reserve price determined for land meant for residential use.
1. Substituted vide Notification No. F. 9(3) UDH/Gr. 3/85 dated 25.9.1987, published In Raj. Gazette Part IV-C (I) dated 28.1.1988, page 432.
2. Substituted vide Notification No.F. 9(15) UD/3/2001 dated 7.5.2002, published in Raj. Gazette E.O. Part 4(Ga) (I) dated 10.5.2002, page 29 with immediate effect Raj. Improvement Trust (Disposal of Urban Land) Rules, 1974 39
(3) The reserve prices fixed under sub-rule (1) shall be valid for a period not exceeding three years and no sale or allotment of land shall be done after the expiry of 3 years unless the reserye price has been refixed by the Trust. The Trust concerned shall before expiry of three years take action to get the reserve price refixed:
Provided that if no such refixation has been done within three years, an automatic upward revision of 10% shall be assumed and reserve price refixed accordingly for the next three years or upto the date when price is refixed by the Trust whichever is earlier.
(4) A copy of the proceedings of meeting of the Trust shall be sent to the Secretary to the Government in the Urban Development Department.]