Section 24 in The Rail Land Development Authority (Development of Land and Other Works) Regulations, 2012
24. Extension of Time for Payment and Development.
(1)The lessee shall have to make the specified payments to the Authority and complete the development works within the time as may be determined by the Authority.(2)The extension of time may be granted for payment of dues to Authority provided the lessee applies for it in writing and agrees to pay an additional interest at three percent per annum, over and above the interest rate specified for the scheduled payment, on the overdue amount of payment as may be determined by the Authority.(3)The Extension of time may be granted for completing the development works provided the lessee applies for it in writing and agrees to pay the liquidated damages as specified in the agreement.
