Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in any other law for the time being in force, but subject to the provisions of sub-section (3) of section 5 and sub-section (4) of section 10, no person shall transfer by way of sale, mortgage, gift, lease for a period exceeding ten years, or otherwise, any urban or urbanisable land with a building (whether con- structed before or after the commencement of this Act) or a portion only of such building for a period of ten years of such commencement or from the date on which the building is constructed, whichever is later, except with the previous permission in writing of the competent authority. (2) Any person desiring to make a transfer referred to in sub-section (1), may make an application in writing to the competent authority in such form and in such manner as may be prescribed. (3) On receipt of an application under sub-section (2), the competent authority may, after making such inquiry as it deems fit, by order in writing, grant or refuse to grant the permission applied for: Provided that the competent authority shall not refuse to grant the permission applied for unless it has recorded in writing the reasons for doing so and a copy of the same has been communicated to the applicant. (4) Where within a period of sixty days of the date of receipt of an application under this section the competent authority does not refuse to grant the permission applied for or does not communicate the refusal to the applicant, the competent authority shall be deemed to have granted the permission applied for. (5) (a) Where the permission applied for is for the transfer of the land with the building or, as the case may be, a portion only of such Notice to be given before transfer of vacant lands. Prohibi- tion on transfer of urban property. Um oI registra- trcen L0d (Cei ng end AegvTeton) building referred to in sub-section (1) by way of sale, and thc competent uthority is of the opinion that such permission may be granted, then, the competent authority shall have thefirst option to purchase such land with building ora portion only of such building on behalf of the State G overnmeni at such price as may be agreed upon between the competent authority and the applicant or, ina case where there is no such agree- ment, at such price calculated in accordance with the proc isions or the Land Acquisition Act, 1894 or of any other corresponding law for the time being in force. (b) If the option referred to in clause (o) is not exercised ii ithina period of sixty days from the date of receipt or the application under this section, it shall be presumed that the competent authority has no inteniion to purchase such land v.ith building ora port'on onlyo such building on behalt of the State Government and it shall be lawtul for such pe:son to transfer the land tti w'honisoever he may like: Provided that where the comp.stent authority exercises within the -perr od adoresa id the option to purchase such land psitn b u ils ing or a por- tion only of such building, the execution o1 the sale deed shallb com- pieted and the payment oT the purchase jriee thereof shall be made •v’itftin a period o1 three months from the date on whicli such option is exercised. (6) For the purpose of calculating the price or the land and building OT, as the case may be,a portion only of such building under clause (o) or sub-section (5), it shall Ice deerried tb.ata notification under sub-sec- tion (1j of secton4 of the Land Acquisition Act, 1894 or under the re- levant provision of any other corresponding lady for the tin:e oei.rig in force, had been issued for the acqtlisition of that land and building or, as the case may be,a portion only of such building on the date on which the application was made under sub-section (2).