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EXIT ROUTE : POLICY & PROCEDURE
 

Allotment of land and building in a Special Economic Zone is for setting up and running units and business and not for property dealing by the Sub-Lessees/ Allottees. Confirming to that and also to provide easy and fair Exit Route to the Allottees, the following Policy and Procedure shall be applicable.

1.
The Sub-Lessee desiring to exit shall make a written application to DGDC Ltd./ Developer seeking permission for the same..
2.
Exit shall be permissible if the Sub-Lessee has valid LoP and/or applied for renewal of the LoP, if his LoP is already expired. In other words the Exit Route Policy, in the following paragraphs shall not be applicable to that Sub-Lessee, whose LoP has become invalid, due to cancellation or otherwise. In all such cases the premises in SURSEZ shall be deemed to have been returned to the Developer/DGDC without exception and the Sub-Lessee shall be entitled only to receive the refund of amounts deposited with the Developer (DGDC) along with estimated cost of construction of building if any.
3.

Exit permission shall also be subject to the Sub-Lessee clearing all the dues of the Developer and the Service Providers.


A. EXIT ROUTE FOR SUB-LESSEES, WHO HAD BEEN ALLOTTED LAND & HAVE NOT DONE ANY CONSTRUCTION AND THOSE WHO HAD BEEN ALLOTTED READY UNITS ON LONG TERM LEASE. :

i)

In all such cases the Sub-Lessee shall return Open Plot(s) /Ready Unit to the DGDC (Developer) and he shall be refunded the consideration amount paid by him at the time of allotment after deduction of Rupees Five Lacs per unit /Rs. 1500 per sq. mtr. for Plots as processing fee. No transfer fee shall be chargeable

ii)

However in case DGDC does not accept the return of the land /Ready Units within 90 days time, it may give clearance to the Sub-Lessee to transfer the plot of land /Ready Unit to a party, which has been granted LoP by the Development Commissioner for setting-up a unit in the Zone or which has intention to apply for the same. A transfer fee of Rupees Five Lacs per Unit /Rs.1500/- per. Sq. Mtr. for Plots, from the total deal value shall be payable to DGDC by the Sub-Lessee / Allottee.

iii)

In case any loan from the Bank has been taken by the Sub-Lessee on the Land/Ready Unit, the same shall have to be repaid to the Banker before acceptance of the actual transfer / surrender.


B. EXIT POLICY FOR SUB-LESSEES WHO HAD BEEN ALLOTTED OPEN LAND AND HAVE THEREAFTER CONSTRUCTED BUILDING THERE UPON

i)
In all such cases the Sub-Lessee shall surrender the land along with the Constructed Building to DGDC and DGDC shall pay the price estimated as follows.:

a)

 Cost of land - at a price at which the Sub-Lessee had been allotted the land less deduction Rs.1500/- per sq. mtr as processing fee.

b)

Cost of building-at the price estimated by the Consulting Architect of the Developer based on the current market price of similar construction, the quality of construction and age of the construction.

ii)
In case, DGDC is not interested in taking the land with building and informs about its decision latest by 3 months time, the Sub-Lessee shall be free to transfer the said land and building to any party which has valid LoP issued by the Development Commissioner for setting-up unit in the Zone or which has intention to apply for the same. In such cases the Sub-Lessee shall pay a transfer fee of Rs. 1500/- per sq. mtr. for effecting the transfer. .

iii)  

In case any loan from the Bank has been taken by the Sub-Lessee on the land /constructed building, the same shall have to be repaid to the Banker before acceptance of the actual transfer /surrender..


                                        

 
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