(1) Urban Assessment or ground rent shall be realized at the rate of two and halfperccnt of residential price in case of land to be used for residential, educational, social and charitable institutions. medical clinics and nursing homes, Tourism unit, Multiplex unit and Auditorium purposes and five percent of residential price in case ofland to be used for commercial and other purposes:
‘Provided that the allottee may, if he so desires, deposit one time urban assessment or ground rent which would be equal to eight times of full yearly urban assessment. including the year ir which the payment is made. Such a payment would exempt the allottee or transferee from further liability of’payment ol'urban assessment on the leased property.
Explanation: In this Chapter "residential price" means the price equal to four times of the premium prescribed for residential use ofland.
(Z) Forty percentage oi‘the collected amount ofurban assessment or ground rent may be rettined by the Local Authority as a service charge for the collection and sixty percent amount shall be deposited with Govcmment as Government reCEiptS.
(3) The urban assessment or ground rent once fixed under these rules shall be liable to revision afier every fifteen years and also at such transfer by sale or gift or otherwise and such increase shall at each stage he twenty five percent of the urban assessment or ground rent at the time of Sue 1 revision or transfer, as the case may be.
21. Deposit of prcmirrm and Urban Assessment.- The amount of premium or urban assessment or interest shall be deposited under the relevant revenue receipt head of the State Government or Local Authority applicable and as specified by the state Govemment,.t‘ront time to time.