Payment of compensation to owners of properties sold and vested in Government

(1) The owners of the properties sold and vested in Government under this Act shall be entitled for an amount by way of compensation at the rate of the market value of the land prevalent in the area as on the date of commencement of this Act. (2) The Commissioner shall be competent to fix the market value as compensation payable under sub-section (1). In the matter of fixation of compensation under sub-section (1), the Commissioner shall have all the powers of a Collector under the Land Acquisition Act. (3) The owners of the land shall be entitled to interest at the rate of 12% per annum on the amount so fixed by the Commissioner or in appeal, as the case may be, from the date of commencement of this Act till the date of payment of the amount to him.