Chapter V ACQUISITION OF LAND

The Government may, for carrying out the purposes of this Act, compulsorily acquire land under the Land Acquisition Act, 1894(Central Act 1 of 1894) and the acquisition of any land for any of the said purposes shall be deemed to be of a public purpose within the meaning of that Act: Provided that where the owner of a land agrees to surrender his land at a price mutually agreed between the Corporation and the owner, the Corporation shall have the power to acquire such land at agreed rate with the prior approval of the Government.

(1) For the furtherance of the objects of this Act, the Government may, by notification, upon such conditions as may be agreed upon between the Government and the Corporation, place at the disposal of the Corporation, any lands vested in the Government: Provided that, the Government shall not place at the disposal of the Corporation any lands which are notified and included in a reserved forest. (2) After any such land has been so placed at the disposal of the Corporation, it shall be dealt with by the Corporation in accordance with the provisions of this Act, or the rules or regulations made thereunder and the directions, if any, given by the Government in this behalf. (3) If any land placed at the disposal of the Corporation under sub-section (1) is not required by the Corporation, the Government may ask the Corporation to surrender it to the Government upon such terms and conditions as may be mutually agreed upon.

Subject to any rules made by the Government under this Act, the Corporation may retain, lease, sell, exchange, or otherwise dispose of any land, any building or other property vested in it, in such manner as it thinks fit for carrying out the purposes of this Act.