- 8.1. Implementation Period : The Allottee shall develop the Land allotted to it including achievement of milestones or phase-wise development, if any, within the stipulated time period/s mentioned in the Agreement to Lease or Agreement for Sale or sale deed, as the case may be.8.2Any extension in the implementation period may be granted by charging additional premium in the manner determined by the Authority from time to time.8.3Additional Floor space Index, if any, is allowable under the relevant Development Control/Zoning Regulations or any other Regulations framed by the Authority in this regard shall also be allowed by the Authority, upon an application made by the Allottee in writing to the Authority, at such additional Lease Premium/charges to be determined by the Authority and payable by the Allottee in accordance with the Regulations framed thereto from time to time.8.4Transfer : The Allottee shall not sell, assign, mortgage, sublet or underlet, or otherwise transfer fully or in part, the Plot or his interests therein or transfer his possession of the Plot/Land, to any Person during the subsistence of Agreement to Lease/Agreement for Sale/Sale deed. However, in case of Leasehold, the Lessee is entitled to sublease or assign its leasehold interest upon obtaining prior consent in writing from the Authority and upon compliance of the following conditions to the satisfaction of the Authority:8.4.1. Allottee shall pay to the Authority the Transfer Charges, as may be determined by the Authority from time to time.8.4.2. Allottee shall ensure that the transferee executes the necessary documentation including but not limited to a Deed of Adherence undertaking to perform all the obligations under the Lease Deed including the covenant for utilization of Land solely for the purpose for which it is allotted by the Authority to the original Allottee. However, such sub lease or assignment shall not absolve the original Allottee from its obligations under the Agreement to Lease/Lease Deed and it shall always be directly responsible for the performance of obligations under Lease to the Authority.8.4.3. The transferee shall meet the eligibility criteria set out by the Authority for the original allotment i.e., at least have the same qualifications as prescribed by the Authority vis-a-vis the original Allottee.Provided that the Authority may in case of lands demised by Agreement to Lease for certain purposes, prohibit the transfer under this rule.Provided further that with the permission of the Authority in writing, the Allottee may mortgage the Plot to:8.4.4. Central or State Government.8.4.5. Nationalized Banks.8.4.6. Financial Institutions duly notified by the Authority from time to time.Subject to the primary condition that the finance/loan amount received under such mortgage shall be applied only towards the development of the Plot. The Authority may prescribe such other conditions for mortgage of Plot by the Allottee under the Regulations issued from time to time.8.5Non-compliance : Any non-compliance with the terms and conditions of the Agreement to Lease/Agreement for Sale/Sale deed shall be a breach of such respective Agreement and the Authority shall be entitled to terminate and resume the Land allotted by the Authority in accordance with the procedure set out in the Regulations in this regard.
