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Exit Route
 

POLICY & PROCEDURE

Allotment of land and buildings in a Special Economic Zone is intended for setting up and running units and businesses. There is a clear philosophy to discourage and eliminate any speculative real estate motive on the part of industrial units who sub-lease land / ready units here.

The policies framed with respect to allotment and exit reflect this philosophy while at the same time providing the units a fair and easy exit from the Zone, if required.

1.
The Sub-Lessee desiring to exit shall make a written application of 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. OPEN LAND WITH NO CONSTRUCTION & THOSE WHO HAVE BEEN ALLOTTED READY UNITS ON LONG TERM LEASE:

i)

In all such cases the Sub-Lessee shall return the Open Plot(s) / Ready Unit(s) to DGDC Ltd. (Developer), and he shall be refunded the consideration amount paid by him at the time of allotment.  No transfer fee shall be chargeable.

ii)

However, in case DGDC Ltd., does not accept the return of  the land / Ready Units   within ninety 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 7.5 percent of 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 re-paid to the Banker before acceptance of the actual transfer / surrender.


B. SUB-LEASED LAND HAVING BUILDING CONSTRUCTED THEREUPON

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 the price at which the Sub-Lessee has been allotted the land.

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 Ltd. is not interested in taking back the land with building and informs about its decision latest by three months' time, the Sub- Lessee shall be free to transfer the said land and building to any party which has valid LoP issued by 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 7.5 percent of the  total deal value between the Sub-Lessee and the party to whom the transfer is to be effected. Alternatively the Sub-Lessee / Allottee may pay as transfer fee difference of land price paid by him at the time of allotment and the current prevailing land price in the Zone.

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 re-paid to the Banker before acceptance of the actual transfer / surrender.

 C. LEAVE AND LICENSE OF READY UNITS

 DGDC Ltd., will take back such units and will return the initial deposit after deducting any dues payable to DGDC Ltd., or service provider.


                                        

 
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