Amendment status not verified — confirm the current text below against the official source.
(1) When by the making of any improvement scheme, any land in the area comprised in the scheme which is not required for the execution thereof will, in the opinion of the Board, be increased in value the Board, in framing the scheme, may declare that a betterment fee shall be payable by the owner of the land or any person having an interest therein in respect of the increase in value of the land resulting from the execution of the scheme; Provided that the Government may, subject to such restrictions and conditions as may be prescribed and after consulting the Board, exempt any person or class of persons from the liability to pay betterment fee under the provisions of this Act, if they are satisfied that having regard to the economic conditions of such person or class of persons, their ability to pay such fee, and such other considerations as may be prescribed, such person or class of persons should be so exempted. (2) Such increase in value shall be the amount by which the value of the land on the completion of the execution of the scheme estimated as if the land were clear of building exceeds the value of the land prior to the execution of the scheme estimated in like manner; and the betterment fee shall be one third of such increase in value.