Amendment status not verified — confirm the current text below against the official source.
The property belonging to the Development Authority may be disposed of in the manner provided in this section, namely:— (a) the Development Authority may sell, or grant lease of, or otherwise dispose of, by public auction, any movable property belonging to the Development Authority; (b) the Development Authority, with the prior approval of the State Government may, for valuable consideration, let out on hire, grant lease, or sell or otherwise transfer, any immovable property belong- ing to the Development Authority but not required for carrying out the purposes of this Act; the Development Authority shall not transfer any immovable prop- erty vested in it by virtue of this Act, but shall cause the same to be maintained, controlled and regulated in accordance with the provi- sions of this Act and the rules and the regulations made thereunder: Provided that the State Government may authorise, in the public interest, the disposal of such immovable property by the Develop- ment Authority if such authority so requires for reasons to be recorded in writing.