Common use of Delay in Commencement of Project Clause in Contracts

Delay in Commencement of Project. The lessee shall commence the development/construction works for which the land has been granted, by obtaining development and/ or building permission as the case may be, within the time of Twelve months from the date of execution of this Agreement Where the lessee does not obtain the permission of development and/or building construction as the case may be within the time specified by the Authority, the extension in time to commence the development/construction may be granted by the Chief Executive Officer, NRDA, on payment of surcharge by the lessee at the following rates: Block of Period of Extension Amount of surcharge as % of accepted land Premium (INR per Sq. m) First Twelve Months or parts thereof 20% Second Twelve Months or parts thereof after the first extension of time 25% Third Twelve Months or parts thereof after the second extension of time 30% Fourth Twelve Months or parts thereof after the third extension of time 35% Fifth Twelve Months or parts thereof after the fourth extension of time 40% Provided that the extension in time shall be granted for Twelve months or its part only at one time and such extension shall be granted maximum for five years.

Delay in Commencement of Project. The lessee shall commence the development/construction works for which the land has been granted, by obtaining development and/ or building permission as the case may be, within the time of Twelve months from the date of execution of this Agreement Where the lessee does not obtain the permission of development and/or building construction as the case may be within the time specified by the Authority, the extension in time to commence the development/construction may be granted by the Chief Executive Officer, NRDA, on payment of surcharge by the lessee at the following rates: Block of Period of Extension Amount of surcharge as % of accepted land Premium (INR per Sq. m) First Twelve Months or parts thereof 20% Second Twelve Months or parts thereof after the first extension of time 25% Third Twelve Months or parts thereof after the second extension of time 30% Fourth Twelve Months or parts thereof after the third extension of time 35% Fifth Twelve Months or parts thereof after the fourth extension of time 40% Provided that the extension in time shall be granted for Twelve months or its part only at one time and such extension shall be granted maximum for five years.

Delay in Commencement of Project. The lessee shall commence the development/construction works for which the land has been granted, by obtaining development and/ or building permission as the case may be, within the time of Twelve Six months from the date of execution of this Agreement Where the lessee does not obtain the permission of development and/or building construction as the case may be within the time specified by the Authority, the extension in time to commence the development/construction may be granted by the Chief Executive Officer, NRDA, on payment of surcharge by the lessee at the following rates: Block of time Period of Extension Amount of surcharge as % Percent of accepted land the Land Premium (INR per Sq. m) First Twelve Months months or parts part thereof 20% Twenty Second Twelve Months months or parts part thereof after the first First extension of time 25% Twenty five Third Twelve Months months or parts part thereof after the second Second extension of time 30% Thirty Fourth Twelve Months months or parts part thereof after the third Third extension of time 35% Thirty Five Fifth Twelve Months months or parts part thereof after the fourth Fourth extension of time 40% Forty Provided that the extension in time shall be granted for Twelve months or its part only at one time and such extension shall be granted maximum for five years.

Delay in Commencement of Project. The lessee Lessee shall commence the development/construction works for which the land Project Land has been granted, by obtaining development and/ or building permission as the case may be, within the time of Twelve months from the date of execution of this Agreement Where the lessee Lessee does not obtain the permission of development and/or building construction as the case may be within the time specified by the Authority, the extension in time to commence the development/construction may be granted by the Chief Executive Officer, NRDA, on payment of surcharge by the lessee Lessee at the following rates: Block of Period of Extension Amount of surcharge as % of accepted land Premium (INR per Sq. m) First Twelve Months or parts thereof 20% Second Twelve Months or parts thereof after the first extension of time 25% Third Twelve Months or parts thereof after the second extension of time 30% Fourth Twelve Months or parts thereof after the third extension of time 35% Fifth Twelve Months or parts thereof after the fourth extension of time 40% Provided that the extension in time shall be granted for Twelve months or its part only at one time and such extension shall be granted maximum for five years.

Delay in Commencement of Project. The lessee shall commence the development/construction works for which the land has been granted, by obtaining development and/ or building permission as the case may be, within the time of Twelve months from the date of execution of this Agreement Where the lessee does not obtain the permission of development and/or building construction as the case may be within the time specified by the Authority, the extension in time to commence the development/construction may be granted by the Chief Executive Officer, NRDAANVP, on payment of surcharge by the lessee at the following rates: Block of Period of Extension Amount of surcharge as % of accepted land Premium (INR per Sq. m) First Twelve Months or parts thereof 20% Second Twelve Months or parts thereof after the first extension of time 25% Third Twelve Months or parts thereof after the second extension of time 30% Fourth Twelve Months or parts thereof after the third extension of time 35% Fifth Twelve Months or parts thereof after the fourth extension of time 40% Provided that the extension in time shall be granted for Twelve months or its part only at one time and such extension shall be granted maximum for five years.