Reference to Court

If the local authority agrees to accept the amount so determined, it shall be paid in accordance with such agreement. If the local authority does not agree to accept the amount the Director or the Officer, as the case may be, shall refer the matter to the court of the subordinate judge having jurisdiction over the area in which the property is situate, and the court shall, after hearing the parties and such other persons as it deems necessary to hear, determine the amount of compensation which appears to it to be just; and in fixing the amount of compensation the court shall have regard to the market value of the property on the date of issue of notice referred to in sub-section (1) of section 16.