Restriction on transfer of immovable property

Notwithstanding anything to the contrary in any other law or in any contract, no immovable property situated in any notified area shall be transferred for a consideration exceeding in value the standard price of the property specified in section 5 together with such increase over that price as is permissible under section 6.

Explanation.—Where the consideration for such transfer consists partly of money and partly of movable property or immovable property or both, the market value of such movable or immovable property on the date of the transfer, shall, to that extent, be regarded as the price paid for such transfer.