Development Premium definition

Development Premium means the total amount payable by the Developer to NRANVP that is Rs. -----------------------------

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Development Premium means the price quoted/paid by Co-Developer for obtaining the Lease of the Project Site and rights of the development of the project as per this RFP document

Examples of Development Premium in a sentence

The terms of the Bank Guarantee shall provide that NRDA shall be entitled to enforce the same in the event there is any default in payment of any Annual Instalment towards the License Fees and/or Development Premium.
Provided always, all the payments by the Concessionaire to the Authority under this Agreement, including the Lease Rental, Additional Development Premium, Annual enhancement in the Six Months Advance Lease Rental Deposit deposits, Charges and expenses, in terms with the Agreement shall have priority over all other payments that are due and payable by the Concessionaire on any account whatsoever, excepting the payment of taxes by the Concessionaire to any Government Authority.
It is clarified that in the event the Bank Guarantee is encashed by NRDA pursuant to default in payment of the License Fees and/or Development Premium plus delayed payment charges, if any, in accordance with this agreement, the Developer shall provide a fresh Bank Guarantee for the balance installment of license fees and/or Development Premium remaining to be paid at that point of time including the cost/losses/damages, if any, incurred by NRDA due to such encashment/devolution of the Bank Guarantee.
Development Premium paid by the Developer along on the date of Termination shall be forfeited.
Annual Lease rent at the rate of 2% of the notional premium determined by NRDA in consideration of the pro rata Development Premium of the land parcel which is covered area by an appartment/plot/dweeling unit, shall be collected by Owners Association/Housing Society from members of Owners Association/Housing Society and shall be paid by Owners Association/Housing Society to the NRDA in advance.
In the event, the reason for delay in fulfilling Condition Precedents are attributable to the inactions of the Developer, NRDA shall levy a penalty of 1% (One Percent) per month of Development Premium for the dely caused in fulfilling the Condition Precedents, provided however that the Scheduled Project Completion Date shall not be extended.
Failure of the Developer to submit the Designs and Drawings to the competent authority and submitting application for approval within the period of six Months from the date of execution of this agreement shall entitle the NRDA to forfeit the amount and security submitted for Development Premium amount and to terminate this Agreement without being liable in any manner whatsoever to the Developer.
Annual Lease rent at the rate of 2% of the notional premium determined by NRDA in consideration of the pro rata Development Premium of the land parcel, shall be paid by the Lessee to the NRDA in advance.
Provided always, all the payments by the Concessionaire to the Authority under this Agreement, including the Lease Rental, Additional Development Premium, Annual enhancement in the six months advance Lease Rentals deposits, Charges and expenses, in terms with the Agreement shall have priority over all other payments that are due and payable by the Concessionaire on any account whatsoever, excepting the payment of taxes by the Concessionaire to any Government Authority.
The developer shall market and sale the project strictly according to the selling rights granted in proportion to the payment of Development Premium.

More Definitions of Development Premium

Development Premium means the total amount payable by the Licensee to NRANVP that is INR (Rupees only) being the consideration payable by the Licensee for the Project Land on License in strict adherence with the terms hereof.

Development Premium means the total amount payable by the Developer to NRDA that is Rs. ---------- ------------------- (Rupees only) being the consideration payable by the Developer for receiving the License (Development rights) on the Project Land in strict adherence with the terms hereof. NRDA received an amount of Rs. ------------------------- (Rupees ----------------- only) by way of ----- Bank Draft dated for Rs. /- (Rupees ----------------only) issued by -----------Bank---------------- being 20% (Twenty Percent) of the accepted Development premium and the cost of assets on the land if any less the amount of EMD, (If the EMD has been deposited in the form of Bank Draft) or 20% (Twenty Percent) of the accepted Development premium if the EMD has been deposited in the form of Bank Guaranty in favour of CEO and payable at Raipur/ Naya Raipur and tax as applicable, if any, before signing of this agreement. The Developer shall pay the balance and outstanding development right premium in accordance with the timelines specified in Schedule IV. Under no circumstance except provided in this Agreement, the accepted shall be altered and this is essence of this Agreement. The Payment Schedule is as follows: As per Schedule – “F”, Part – B of the Tender Document. The Developer shall bear and pay any and all taxes, duties, charges, levies and cess as may be levied on the development premium. In case of delay on the part of the Developer to pay any installment of the Development Premium (as specified in schedule IV hereto) then without prejudice to NRDA rights of Termination and reversion, NRDA shall charge interest on such outstanding installment/s at Delayed Interest. Change in Floor Area Ratio (FAR) in development of residential area. In case of increase in FAR area, after signing of the Agreement and during the construction stage the Development Premium shall be increased in proportion to the increase in Leaseable area. Starting from the date of execution of this agreement till the time the Conveyance Deed is executed with the Owners Association/Housing Society , the developer shall pay in advance the annual liscense fees @ 0.25% of the total Development Premium

Development Premium means an amount of Rs per square meter of Project Site

Development Premium has the meaning set forth in Section 2.01(c)(ii).