(1) The Board may enter into an agreement with any person for the acquisition from him by purchase, lease or exchange of any land which is needed for the purposes of a housing scheme, or any interest in such land, or for compensating the owners of any such right in respect of any deprivation thereof or interference therewith:
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Provided that the previous approval of the Government shall be obtained in case of purchase or exchange involving land worth more than rupees 24[“twelve lakhs and fifty thousand”]or lease for more than five years.
(2) The Board may also take necessary steps for the compulsory acquisition of any land or any interest therein required for the execution of a housing, improvement or building scheme in the manner provided in the,25[ the Land Acquisition Act, 1894 or any other law, dealing with acquisition of land, for the time being in force] and the acquisition of any land or any interest therein for the purposes of this Act shall be deemed to be acquisition for a public purpose within the meaning of the 26[the Land Acquisition Act, 1894 or any other law, dealing with acquisition of land, for the time being in force].