Section 7 in The Punjab New Mandi Townships (Development and Regulation) Rules, 1960
7. The manner in which consideration money for transfer shall be paid.
- [Section 25(b)]. - (1) Twenty-five per cent of the amount of bid accepted by the auctioning officer shall be paid on the spot by the auction purchaser in cash or by means of Demand Draft [ - ] [Omitted vide GSR 169/PA-2/60/S- 25/Amd.(2)/80, dated 31.7.1965.] payable to the Administrator and drawn at any Scheduled Bank situated at a station where a branch of the State Bank of India is functioning.(2)The balance of the sale price shall be paid along with interest at the rate of [6] [Substituted by GSR 97/PA-2/60/S-25/Amd.(4)/72, dated 21.11.1972.] per cent, per annum in -(a)six equated half-yearly instalments in the case of commercial plots; and(b)three equated annual instalments in the case of residential plots.(3)The first instalment shall be payable six months after the date of issue of the order of allotment in the case of commercial plots and one year in the case of residential plots.(4)Interest shall accrue from the date of issue of the order of allotment but no interest shall be payable if the balance is paid within a period of thirty days of the date of receipt of the order of allotment by the transferee.(5)Each instalment shall be remitted by transferee to the Administrator in manner provided in sub-rule (1).
