11.3 Reservation credit certificate (RCC)

The reservation credit certificate is a certificate specifying the amount of compensation in lieu of handing over of reserved land to the Corporation and shall be issued by the Authority. The amount mentioned in this credit certificate may be used for payment of various charges like development charges, premium, property tax, infrastructure charges etc. to the authority from time to time in future till exhausting the amount mentioned therein. Reservation Credit Certificate shall be issued subject to the following conditions.

i) The authority shall acquire the land under reservation in lieu of RCC only when it is immediately required for development or creation of amenity or services or utilities.

ii) Such certificate shall not bear any interest on the amount mentioned therein and shall be transferable. However, payment being made to the authority through the amount from RCC after six months from the date of issue of RCC shall be discounted @ 10% for the payments to be made under provisions of these UDCPR.

iii) The amount of compensation to be paid to the owner shall be as per the provisions of the relevant Acts dealing with land acquisition as amended from time to time

iv) The land to be handed over to the Corporation shall be free from all encumbrances and procedure laid down in TDR regulations shall be followed. The Authority shall endorse the entries of payment on such certificate from time to time. It shall maintain a record in a form considered appropriate by it of all transactions relating to grant of utilisation of reservation credit certificate. -*-*-*-*-*-