Section 16(2) in Tamil Nadu Urban Land (Ceiling and Regulation) Act, 1978
(2)Twenty-five per cent of the amount or twenty-five thousand rupees, whichever is less, shall be paid in cash forthwith and the balance shall, during a period of fifteen years, be paid in cash in equal annual instalments carrying an interest at the rate of six per cent per annum with effect from the date on which the vacant land is deemed to have been, acquired by the State Government under sub-section (3) of section 11.
