Acquisition of land by way of Transferable Development Right.

The Metropolitan Development Authority or the local authority may, with the consent of the owner, acquire land for public purposes by way of according transferable development right through issue of Development Right Certificate in lieu of payment towards cost of land in such manner as may be prescribed: Provided that the transferable development right may be arrived at on the basis of relative land value and equivalent amount of both export and import areas as per the Registration Department records. Such Transferable Development Right may be utilized as additional built space by the owner who can use this either by himself or transfer it to any other person in full or in part for use in a less developed area as prescribed.