Review, revision and preparation of fresh development plan of the development area.

(1) Immediately after the expiry of three years from the date of approval of the development plan of the developrnent area under section 38, the Authority shall review such plan and prepare a fresh development plan for five years commencing from the date of expiry of such a plan in force after incorporating such modifications and amendments as may be considered necessary and submit it for approvai: Provided that the time period taken for the review and preparation of fresh development plan shall not exceed eighteen months. (2) The provisions of section 34 and section 38 shall, mutatis mutandis, apply to the preparation and approval of such a fresh development plan.