Power to purchase or lease by agreement.

(1) The Board may enter into an agreement with any person for the acquisition from him by purchase, lease or exchange, of any land which is needed for the purposes of a housing 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. (1-A) The Government may also transfer land to the Board for development under Public Private Participation as a Joint Venture, or for sale. The proceeds thereof shall form part of the Consolidated Fund of the State and shall be remitted into it accordingly, or disposed as may be directed by the Government. (2) The Board may also take steps for the compulsory acquisition of any land or any interest therein required for the execution of a housing scheme in the manner provided in the Land Acquisition Act, 1894 (Central Act 1 of 1894) as modified by this Act and the acquisition of any land or any interest therein for the purposes of this Act shall be deemed to be acquisition for a public purpose within the meaning of the Land Acquisition Act, 1894 (Central Act 1 of 1894)