Power of Planning and Development Authority to make agreements.

(1) A Planning and Development Authority shall be competent to make any agreement with any person in respect of any matter which is to be provided for in a town planning scheme, subject to the power of the Government to modify or disallow such agreement, and unless it is otherwise expressly provided therein, such agreement shall take effect on and from the date on which the town planning scheme comes into force. (2) An agreement made under sub-section (1) shall not in any way affect the determination of the matter specified in section 91 or the rights of third parties: Provided that, if the agreement is modified by the Government, under that sub-section, either party shall have the option of avoiding it if it so elects.