(a) Unless otherwise, specified, the existing allottee in Chandigarh Information Services Park, who has been allotted land on free hold basisi in the said Park under the Allotment of Campus Sites in Chandigarh Information Services Park Rules, 2002( as amended upto date) prior to the notification of that area as Special Economic Zone, shall have an option to get his allotment of site converted from free hold basis into lease hold basis, which will be for a period of 99 years subject to the conditions that the lease rights shall cease to exist in case of expiry or cancellation of the Letter of Approval which has been issued by a competent authority under the said Special Economic Zone Act or Rules framed thereunder.
Provided that such allottee who exercises the above option shall also be liable to pay an annual ground rent @ Rs.1000/-per acre per annum till the expiry of the letter of approval for that Special Economic Zone or till the expiry of final lease period of 99 years as extended by the Estate Officer thereafter, as the case may be.
Provided further that after the expiry of the letter of approval for that Special Economic Zone area or when that area ceases to be any Special Economic Zone anymore for any reason whatsoever, such allottee, who had earlier exercised his option for conversion from free hold basis to lease hold basis under this rule, shall have another option within a period of six months of the date of expiry of the said letter of approval for that Special Economic Zone area or from the date from which that area cease to be any Special Economic Zone area or from the date from which that area ceases to be any Special Economic Zone anymore for any reason, whatsoever to reconvert his allotment of site to free hold basis on a one time payment of Rs. 10000/- per acre and the Estate Officer shall allow re-conversion of the site to free hold basis without any other pre-conditions on the same terms and conditions as were prevalent before the date of exercise of the first option of the allottee for converting the site from free hold to lease hold tenure.
(b) Notwithstanding any other conditions in the lease deed where the lease rights ceases to exist in case of the expiry or cancellation of the Letter of Approval of the Competent Authority under the said Special Economic Zone Act or rules framed thereunder, the allottee who has exercised option under this rule, shall have a right to transfer his rights to any other company which has a valid letter of approval issued by the Competent Authority under the said Special Economic Zone Act or rules framed thereunder subject to the condition that such transfer shall be exercised within 5 years from the date of issued of the letter of approval.
(c) The other terms and conditions of allotment shall remain the same.