Amendment status not verified — confirm the current text below against the official source.
Payment of net amount due to the authority: (1) The net amount payable under the provisions of the Act by the owner of a plot included in the final scheme may at the option of the contributor be paid in lump-sum or in annual installments not exceeding ten. (2) If the owner elects to pay the amount by installments, interest at such rate as is arrived at by adding two percent to the bank rate published under section 50 of the Reserve Bank of India Act, 1934 from time to time, shall be charged per annum on the net amount payable. 76 (3) If the owner of a plot fails to exercise the option on or before the date specified in a notice issued to him in that behalf by the Authority, he shall be deemed to have exercised the option of paying contribution in instalments and the interest on the contribution shall be calculated from the date specified in the notice, being the date before which he was required to exercise the option. (4) Where two or more plots included in the final scheme are of the same ownership the net amount payable by such owner under the provisions of the Act shall be distributed over his several plots in proportion to the increments which is estimated to accrue in respect of each plot unless the owner and the Authority agree to a different method of distribution.