Definition of increment

For the purposes of this Act, the increment shall be deemed to the amount by which, at the date of the declaration of intention to make a scheme, the market value of any plot, with reference to the improvements contemplated in the scheme on the assumption that the scheme has been completed, would exceed, on the same date, the market value of the same plot estimated without reference to such improvements. Provided that while estimating such value, the value of buildings or other works erected or in the course of erection on such plot not be taken into consideration.