Power of State Government to declare areas as urban estates and in respect of transfer of land and buildings in urban estates

(1) The State Government may, by notification in the Official Gazette, declare any area comprising land belonging to or acquired by the State Government to be an urban estate for the purpose of this Act. (2) The State Government may sell, lease or otherwise transfer, whether by auction, allotment or otherwise, any land or building belonging to the State Government in an urban estate on such terms and conditions as it may, subject to any rules made under this Act, think fit to impose. (3) The consideration money for any transfer under sub-section (2) shall be paid to the State Government in such manner, in such installments and at such rate of interest, as may be prescribed. (4) The unpaid portion of the consideration money together with interest or any other amount, if any, due to the State Government on account of the transfer of any site or building, under sub-section (2) shall be a first charge on that site or building, as the case may be, and notwithstanding anything contained in any other law for the time being in force, no transferee shall, except with the previous permission in writing of the Estate Officer, be entitled to sell, mortgage or otherwise transfer (except by way of lease from month to month) any right, title or interest in the site or building transferred to him under sub-section (2) until the amount, which is a first charge, under this sub-section, has been paid in full to the State Government.