Amendment status not verified — confirm the current text below against the official source.
Power to dispose of land. -(I) Subject to any rules made by the State Government under this Act, the Board may retain or may lease, sell, exchange or otherwise dispose of any land, building or other property vesting in it and situate in the area comprised in any housing scheme or in any adjoining area. (2) Whenever the Board decides to lease or sell any land acquired by it under this Act from any person, it - (a) may give notice by advertisement in one of the leading local newspaper in the State; and M.P. GRIHA NIRMAN MANDAL ADHINIYAM, 1972 20 (b) shall offer to the said person, or his heirs, executors or administrators, a prior right to take on lease or to purchase such land for an amount or at a rate to be .fixed by the Board, if the Board considers that such an offer can be made without detriment to the carrying out of the purposes of this Act. (3) If in any case two or more persons claim to have the prior right referred to in clause (b) of sub-section (2) preference shall be given to the person who agrees to pay the highest amount or rate for the land, not being less than the amount or rate fixed by the Board under that clause. CHAPTER XI Assessment and Recovery of Betterment Charges Betterment charges -(I) When by making of housing scheme any land in the area comprised in the scheme will in the opinion of the Board be increase in value, the Board in framing the scheme may declare that betterment charges shall be payable by the owner of the land or any person having an interest therein in respect of the increase in value of land from the execution of the scheme. (2) Such increase in value shall be the amount by which the value of the land on the completion of the execution of the housing scheme, estimated as if the land were clear of the buildings exceeds the value of the land prior to the execution of the scheme estimated in like manner and the betterment charges shall be one half of such increase in value. (3) The Board may, with the previous approval of the State Government declare that such betterment charges shall also be payable in respect of any land not comprised in the scheme but is adjacent to the area comprised in the scheme if such land will be increased in value consequent on the execution of a housing scheme in the area comprised in the scheme.