Power to purchase land, lease, exchange or procuring by agreement

(1) The Board may enter into an agreement for purchase of the Land from any person or take on lease or exchange any land required for the purposes of a housing scheme or land development scheme or any interest in such land or for compensating the owners of any such right in respect of any deprivation or interference therewith subject to such terms and conditions as may be prescribed. Provided that Subject to such rules, as may be prescribed, the previous approval of the State Government is necessary in case of purchase or exchange or sharing basis of land in lieu of compensation in respect of project involving land worth more than Rs. 250 Lakhs or lease for more than ten years. (2) The Board may take steps for compulsory acquisition of any land or any interest therein through the State Government required for the execution of a housing scheme or land development scheme in accordance with the procedure provided in the Right to fair compensation and transparency in land acquisition, rehabilitation and resettlement Act, 2013 (Central Act 30 of 2013). (3) The Board may procure land by purchase or exchange or sharing of land in lieu of compensation subject to such rules as may be prescribed provide link roads, for water resources, sewage treatment plants, providing infrastructure like roads, power, water civic amenities in the execution of a housing scheme or land development scheme, construction projects and urban infrastructure purposes even when such procurement is on behalf of Government agencies.