Power to purchase or lease by agreement.

(1) The Board may enter into any agreement with any person for the acquisition from him by purchase, lease or exchange, of any land which is needed for the purpose of a housing, development or improvement scheme or any interest in such land or for compensating the owners of any such right in respect of any deprivation thereof or interference therewith. (2) Whenever the Board is unable to acquire by agreement any land or any other immovable property, the State Government may, in its discretion upon the application of the Housing Commissioner, made with the approval of the Board, order proceedings to be taken for acquiring the same on behalf of the Board, as if such property or land were needed for a public purpose within the meaning of the Land Acquisition Act, 1894, and on payment by the Board of the compensation awarded under the said Act and all charges incurred by the State Government in connection with the proceedings, such land or property shall vest in the Board.