Vesting of land in the Authority

Notwithstanding anything contained in any other law for the time being in force, existing government land earmarked by the State Government for purposes of achieving the objects of this Act and land under acquisition by the State Government under this Act shall, immediately after establishment of the Authority under section 5 of this Act, be deemed to have been placed at the disposal of and vested in the Authority which shall take over such land for and on behalf of the State Government and may use the same for the purposes of this Act and may dispose of the same as per the provisions of this Act subject to such conditions and restrictions as the State Government may, from time to time, lay down and in such manner, as it may, from time to time, prescribe.