Transfer to Board for purposes of improvement scheme building or land vested in local authority or planning authority

(1) Whenever any building or land or any part thereof, which is situated within the jurisdiction of a local authority or planning authority and is vested in such local authority or planning authority is covered by any housing or improvement scheme, the Board shall give notice to that effect to the local authority or planning authority, as the case may be, and such building or land or part thereof shall thereupon vest in the Board. (2) Where any land situated within the jurisdiction of a local authority or planning authority vests in the Board under sub-section (1) and the Board makes a declaration that such land will be retained by the Board only until it revests in the local authority or planning authority, as the case may be, as part of a street or an open space under section 51, no compensation shall be payable by the Board to the local authority or planning authority, as the case may be, in respect of that land.

(3) Where any land or building vests in the Board under sub-section (1) and no declaration is made under sub-section (2) in respect of the land, the Board shall pay to the local authority or planning authority, as the case may be, as compensation a sum equal to the market value of such land or building as on the date on which the scheme comes into force under section 45 and where any building situated on the land in respect of which a declaration has been made by the Board under sub-section (2) is vested in the Board under sub-section (1), like compensation shall be payable in respect of such building by the Board.

(4) Where contrary to the declaration made in respect of any land under sub-section (2), the Board retains or disposes of the land, the Board shall pay to the local authority or planning authority, as the case may be, compensation in respect of such land in accordance with the provisions of sub-section (3).

(5) If any question or dispute arises as to whether the compensation is payable under sub-section (3) or sub-section (4), or, as to the quantum of compensation payable or as to whether any building, land or any part thereof, is required for the purposes of a scheme, the matter shall be referred to the Government, whose decision thereon shall be final.