(1) The State Government may, by notification, declare any area owned by the State Government, or transferred by it before the date of coming into force of this Act, to be an industrial estate for the purposes of this Act.
(2) Subject to the prOvisi.0115 of sub -section (4), the State Government may transfer, whether by auction, allotment or °the:vise, any industrial plot or factory building owned by the State Government in an industrial estate on such terms and conditions as may be prescribed.
(3) The consideration money for any transfer under sub -section (2) shall be paid to the State Government in such manner, in such instalments and at such rate of interest as may be prescribed.
(4) Notwithstanding anything contained in any other law for the lime being in force. an industrial plot or a factory building shall continue to be owned by the State Government until the entire consideration money together with interest and other amount, if , any, due to the State Government on account of the sale of such industrial plot or factory building under subsection (2), is paid.
(5) Until the conditions prescribed are fulfilled, the transferee shall not transfer his rights in the industrial plot or factory building, except with the previous permission of the State Government, which may be granted on such terms and conditions as it may deem fit.