The owner of the land which has vested in the Government under section 5(1) shall get compensation at the following ra te :—
(1) for land excluding building or structure, if any, a sum not exceeding twenty times the annual land revenue :
Provided that in case of revenue free land and land paying revenue at concessional rate the compensation will be assessed on the basis of the revenue of similar revenue paying land of the neighbourhood.
In determining this sum the Collector shall take the following into consideration:—
(a) the value of the land as at the date of acquisition ;
(b~) the adverse effect on the value of the land due to possible floods on the land or danger of erosion of such land ;
(c) the benefit the owner is likely to derive in respect of his other lands in the area due to the control measures ;
3 (</) the damage sustained by the person interested by reason of the taking of any standing- crops or trees which may be on the land a t the time of the Collector taking possession thereof ;
(2) for building or structure, if any, a sum equivalent to the sale proceeds of the materials of the same plus 15 per cent, thereof:
Provided that if in lieu of this compensation the owner chooses to take away the materials the Collector shall allow him to do so within such time as specified by him and the cost of the shifting of the materials as may be approved by the Collector in the manner prescribed shall be borne by the Government, which cost however, shall not exceed 20 per cent, of the value of the materials as determined by the Collector.