Amendment status not verified — confirm the current text below against the official source.
(1) If the owner of any property, separately registered in the assessment books of the trust and assessed to a betterment contribution in any particular year, objects to the amount of such contribution on the ground that the market value estimated under clause (b) of section 57 is excessive, he shall state the market value which he contends to be correct and may, within a period of thirty days of the date on which the determination of his objection or appeal becomes final, by written notice, require the trust to acquire the property togetherwith any buildings or other works that may exist thereon. (2) If the owner of the property opt for acquisition of his property under sub-section (1), the trust shall refer the matter to the State Government and after going through the facts of the case and making such enquiry as it deems necessary, the State Government shall pass appropriate order. (3) The trust shall either acquire the property or accept the market value determined and passed by the State Government. (4) In case the property is acquired, the compensation payable thereof shall be determined by the prescribed authority under this Act: Provided that compensation payable for the property, apart from the buildings or other works thereon shall not exceed the market value stated by the owner under sub-section (1).