Section 7(1) in Nagpur Improvement Trust Land Disposal Rules, 1983
(1)Where it is proposed to dispose of any land by public auction or by inviting tenders, the premium for grant of such lands shall be determined on the basis of highest bid received in the auction or tender subject to fixation of the upset price which shall not be less than the cost incurred on account of acquisition and development of such land. If no fair bid is forthcoming, or for any other valid reasons to be recorded in writing, the Chairman or the officers duly authorised by the Chairman may withdraw the land from auction or cancel the tender and put it up for auction of tender on a future date.
