Section 23(2) in Tamil Nadu Panchayats (Procedure for Conducting Public Auction of Leases and Sales in the Panchayats) Rules, 2001
(2)The existing lessee, if he desires to continue the lease for a further period, he may apply to the Executive Authority or the Commissioner or the Secretary, as the case may be, requesting the renewal of the lease in his favour at least three months before the expiry of the lease period. On receipt of such a request, the Executive Authority or the Commissioner or the Secretary, as the case may be, shall place the matter before the respective Panchayats to fix provisionally a sum at which the lease can be renewed, taking into consideration the following factors: -(a)the increase in the market value of the building subsequent to the letting out of the present lease;(b)the appreciation in the increase of rental value of the building and other similar buildings in the locality;(c)consideration of growth and business of the locality in which the building is situated;(d)other factors such as the location of the property in close proximity to railway station, bus stand, business area and other factors which may have effect in the promotion of business.
