Acquisition of land by according transferable development right.

(1) The Planning and Development Authority, municipal council or a village panchayat may, with approval of the Government and the consent of the owner, acquire his land for public purpose and the Government may accord him a transferable development right, in lieu of the payment of compensation towards such acquisition, by issuing a Development Right Certificate in such form and in such manner as may be prescribed. (2) The transferable development right could be utilized as additional built-up space in such manner as may be prescribed by the owner who may use it himself or transfer it to any other person in full or in part, to use in areas earmarked for the purpose in Regional Plan or Development Plan.