Special Investment Region to be an Industrial Township

(1) Notwithstanding anything contrary contained in any other law in force, the area within the Special Investment Region, except the village site area (gramtana) of a village panchayat, municipal area and municipal corporation or Bruhat Bengaluru Mahanagara Palike area shall deemed to be an industrial township within the meaning of the provisions of clause (1) of article 243Q of the Constitution of India, from the date it is so notified in the official Gazette, by the State Government. (2) On and from the date of notification under sub-section (1), subject to prior permission and any general or special orders which the State Government may make in this behalf, the Regional development authority shall act as the authority for local administration, taking decisions and steps for assessment, imposition and recovery of taxes under this section, for the said region and no other local authority shall have jurisdiction for this purpose. (3) The assessment, imposition and recovery of property tax under this Act by the Regional development authority shall be in such manner, as may be prescribed. (4) Thirty percent of the property tax collected by the Regional development authority shall be remitted to the Local Authority from which the area of Special Investment Region is carved out.