Amendment status not verified — confirm the current text below against the official source.
Payment of amount.—(1) For any improvements made to the historic site of Kovalam Palace and for the value of any interest which may have accrued in favour of any person during the period from the date of handing over of the possession by the Government in 1970 to the date of resumption by the taking over by the Government under section 3, there shall be given by the Government for the value of such improvements made to Kovalam Palace or any other right which shall have accrued to any person an amount by way of compensation by following the principles specified in sub-section (2). (2) The principles to be observed in the payment of compensation shall be:— (a) in respect of any improvement made to the building or the land, the value for such improvement shall be at the rate prevalent at that time; (b) depreciation at the rate of five per cent per annum subject to a maximum of fifty per cent towards cost of building; (c) for any interest which may have accrued, its value may be computed in the manner as may be prescribed; (d) any improvement made without the legal sanction from the Local Self Government Institutions or Local Authorities or other Government Authorities in the said area shall not be eligible for compensation. 5 CHAPTER IV COMMISSIONER OF PAYMENT