Amendment status not verified — confirm the current text below against the official source.
Mode of payment of purchase price.— (1) On the determination of purchase price by the Custodian under the preceding rule, the tenant or occupant shall have the option to deposit the purchase price either in lumpsum or in twenty equal annual instalments. (2) The first instalment of the purchase price shall be paid by the tenant or occupant within thirty days from the date of allotment order and the subsequent instalment shall be paid within a period of one year from the date on which the previous instalment was due. (3) Where the purchase price is payable in lumpsum under sub-rule (1), the lumpsum shall be paid within a period of six months from the date of allotment order. (4) The Government may vary the period of payment, laid down under this rule, in cases or class of cases wherever Government feels appropriate. (5) Where the tenant or occupant fails to intimate his willingness within the period specified in Rule 5 or having intimated his willingness fails to pay lumpsum or first instalment, the tenant or occupant shall be deemed to have relinquished his right to purchase the property and he shall forthwith forfeit all his rights, title and interest in the property and the same shall be offered to any other person as per the rules. (6) Where the tenant or occupant deposits the first instalment but fails to pay any subsequent instalment within the due date, the Custodian may, at his discretion decide either to grant him extension of time limit as may be considered reasonable with the previous approval of the Government and the amount in default shall carry interest at the rate of six per cent per annum: Provided that nothing shall prevent the Custodian to recover the defaulted amount together with any interest due as arrears of land revenue.