(1)On the grant of land under section 77, the grantee shall have the option to deposit with the Tribunal the purchase price of the land so granted either in a lumpsum or in such annual instalments not exceeding twenty as the Tahsildar may determine, the first instalment becoming payable within such time as may be prescribed.(2)The purchase price shall, in the case of,—(i)A Class, B Class and C Class lands referred to in Part A of Schedule I be an amount equal to fifteen times, and(ii)D Class land referred to in Part A of the said Schedule be an amount equal to twenty times the net annual income referred to in sub-section (2) of section 72 plus the amount, if any, payable under sub-section (4) of that section.]1(3)Where the purchase price is payable in instalments, the amount outstanding after payment of each instalment shall bear interest at the rate of five and a half per cent per annum if the purchase price is paid by the grantee out of his own funds and no interest where the money for payment of the purchase price is advanced by the State Land Development Bank or a credit agency.(4)All amounts due from the grantees shall be a first charge on the land granted and shall be recoverable as land revenue due on that land.(5)Every grantee, who is granted surplus land shall be entitled to obtain assistance from the State Land Development Bank or from a credit agency as defined in the Karnataka Agricultural Credit operations and Miscellaneous Provisions Act, 1974 (Karnataka Act 2 of 1975) for the payment of the purchase price in accordance with such rules as may be prescribed.(6)Notwithstanding anything contained in the Karnataka Co-operative Societies Act, 1959 (Karnataka Act 11 of 1959) the amount advanced to the grantee by the State Land Development Bank under sub-section (5) may be recovered by the State Government in the same manner as an arrear of land revenue and credited to the said Bank.(7)The amount advanced to a grantee by the credit agency shall be deemed to be financial assistance within the meaning of the Karnataka Agricultural Credit Operations and Miscellaneous Provisions Act, 1974 (Karnataka Act 2 of 1975) for the purpose of recovery of dues under section 12 of the said Act and the provisions thereof shall, mutatis mutandis, apply in respect of the amount so advanced.
