Section 13 in The M.P. Nagar Tatha Gram Nivesh Vikasit Bhoomiyo, Griho, Bhavano Tatha Anya Sanrachanao Ka Vyayan Niyam, 1975
13.
When the plot of land is put to auction the highest bid shall be taken as accepted. If in the opinion of the chairman the last bid is not fair or is lower than the upset price the Chairman may reject the bid and order for a fresh auction to be held on a future date to be announced later where the highest bid is accepted by the Chairman the bidder shall deposit 30 per cent of the bid money forthwith and all the sums deposited by other bidders shall be returned. Alter acceptance by the Chairman of the highest bid in case of auction, the balance of auction bid shall be deposited in the office of the authority within fifteen days of the communication of such acceptance. The land so auctioned shall be transferred to the highest bidder subject among other things, to the condition of payment of ground rent at two percent of. premium annually.
