Obligation to purchase designated land.

Where any land within the area designated by a notification under section 113 of this Act as the site of the new town has not been 1[acquired by the State Government or a Development Authority constituted under sub-section (2) of section 113] within a period of ten years from the date of the notification, any owner of the land may by notice in writing 2[served on the State Government or the Development Authority] require it to acquire his interest therein; and thereupon, the provisions of section 127 providing for lapsing of reservations shall apply in relation to such land as they apply in relation to land reserved under any plan under this Act.