Use of land acquired or land transferred by the Government or the local authority

(1) Where any land has been acquired under this Act, the Government may undertake or cause to be undertaken such measures as may be necessary for the improvement, development, clearance or re-development of the land, or the erection of any building or buildings thereon, in accordance with such plan as may be approved by it. (2) (i) For the purpose of undertaking the measures referred to in sub-section (1), the Government may either hold the land under its own control and management and undertake such measures itself or through the Board on such terms and conditions as may be determined by it, or transfer the land to the local authority concerned or the Board for the purpose of undertaking those measures. (ii) Where the land is transferred as provided in clause (i), such land shall vest in the local authority concerned or the Board, as the case may be, and the local authority or the Board shall,- (a) pay to the Government the cost of acquisition of the land or such portion thereof as the Government may determine in such case; and (b) undertake the measures referred to in sub-section (I) in accordance with such plans as may be approved by the Government, and subject to such directions as may, from time to time, be given by the Government. (3) Where any slum area is located on the land belonging to the Government or any local authority the Government or the local authority may subject to such restrictions and conditions as it may impose, transfer to, and vest in, the Board such land free of cost for the purpose of undertaking such measures as may be necessary for improvement, development, clearance or redevelopment of the land or erection of building or buildings thereon.