Disposal of Land by the Authority

(1) Subject to any directions given by the State Government in this behalf, the Authority may dispose off any land acquired by the State Government and transferred to it, without undertaking or carrying out any development thereon, or any such land after undertaking or carrying out such development as it think fit to such persons, in such manner, and subject to such terms and conditions as it considers expedient for securing the development of the Special areas according to plan. (2) Nothing in this Act shall be construed as enabling such Authority to dispose of land by way of gift, but subject thereto, references in this Act to the disposal of land shall be construed as references to the disposal thereof in any manner by way of sale, exchange or lease with respect to residential sector and by way of Lease or License for commercial sector and rest merely on Leave and License or by the creation of any easement, right or privilege or otherwise not transferring any absolute right.