(1) An improvement scheme may provide for all or any of the following matters, namely:
(a) the acquisition by agreement or under the Land Acquisition Act, 1894 (1 of 1894), of any property necessary for or affected by the execution of the scheme;
(b) the relaying out of any land comprised in the scheme;
(c) the redistribution of sites belonging to owners of property comprised in the scheme;
(d) the closure or demolition of buildings or portions of buildings unfit for human habitation;
(e) the demotion of obstructive buildings or portions thereof;
(f) the construction and reconstruction of buildings;
(g) the construction and alteration of streets;
(h) the water supply, street lighting, drainage and other conveniences;
(i) the provision of open spaces for the benefit of any area comprised in the scheme;
(j) the sanitary arrangements required for the area comprised in the scheme;
(k) the provision of accommodation for any class of the inhabitants;
(l) the provision of facilities for communication;
(m) the sale, letting or exchange of any property comprised in the scheme;
(n) any other matter for which, in the opinion of the Commissioner it is expedient to make provision with a view to the improvement of the area to which the scheme relates.
(2) Where any land is designated in an improvement scheme as subject to acquisition or is required by the scheme to be kept as an open space, then, if at the expiration of ten years from the date of sanction of the scheme by the [Government] under sub-section (2) of section 427, the land is not acquired by the Commissioner, the owner of the land may serve on the Commissioner a notice requiring his interest in the land to be so acquired.
(3) If the Commissioner fails to acquire the land with a period of six months from the receipt of the notice, the improvement scheme shall have effect after the expiration of the said six months as if the land were not designated as subject to acquisition by the Commissioner or were not required to be kept as an open space.