Power to purchase or lease by agreement.

Acquisition and disposal of land

1. (1) The Board may enter into an agreement with any person for the acquisition from him by purchase, lease or exchange of any land which is needed for the purposes of a housing scheme, or any interest in such land, or for compensating the owners of any such right in respect of any deprivation thereof or interference therewith: Provided that the previous approval of the Government shall be obtained in case of purchase or exchange involving land worth more than rupees twenty-five thousand or lease for more than five years.
2. (2) The Board may also take necessary steps for the compulsory acquisition of any land or any interest therein required for the execution of a housing, improvement or building scheme in the manner provided in the Land Acquisition Act, 1894, and the acquisition of any land or any interest therein for the purposes of this Act shall be deemed to be acquisition for a public purpose within the meaning of the Land Acquisition Act, 1894.