Power to purchase, lease or acquire land

(1) The Board may enter into an agreement with any person or the Administrator 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 Administrator shall be obtained in case of purchase or exchange involving land worth more than one lakh rupees or lease for more than five years. (2) The Board may, from such date as the Administrator may appoint by notification in this behalf, also take steps for the compulsory acquisition of any land or any interest therein required for the execution of a housing scheme in the manner provided in the Land Acquisition Act, 1894 as modified by this Act: and the acquisition of any land or any interest therein for the purpose of this Act shall be deemed to be acquisition for a public purpose within the meaning of the Land Acquisition Act, 1894.