Section 23(3) in Tamil Nadu Panchayats (Procedure for Conducting Public Auction of Leases and Sales in the Panchayats) Rules, 2001
(3)The Executive Authority or the Commissioner or the Secretary, as the case may be, may fix the lease amount at fifteen per cent, if the annual rise in prices less than fifteen per cent, over the existing lease amount for the fourth year of lease and this rate of increase may be fixed at more than fifteen per cent for the fifth year and sixth year of the lease period as may be decided by the Panchayat.
