Amendment status not verified — confirm the current text below against the official source.
(i) The net amount payable under the provisions of this Act by the owner of a reconstituted plot included in the final scheme may, at the opinion of the contributor, be paid in lumpsum or in such annual installments as may be prescribed and if the owner elects to pay the amount by installments interest at such rate as may be prescribed shall be charged on the net amount payable and if the owner of a plot fails to elect 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 elected the option of paying contribution by installments 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 make an election as aforesaid. Provided that, where an owner elects to pay the amount in lumpsum but fails to do so, interest at such rate as may be prescribed shall be payable by him to the Authority from the date specified in the notice to the date of payment. (ii) Where two or more reconstituted plots included in a final scheme are in the same ownership, the net amount payable by such owner under the provisions of this Act shall be distributed over his several reconstituted plots in proportion to the increment which is estimated to accrue in respect of each reconstituted plot, unless the owner and the Authority agree to a different method of distribution.