(1) A Panchayat may lease out or sell any property or public place belonging to or vesting in it, if it can be leased out profitably:
Provided that the previous sanction for sale or lease or transfer, shall be obtained from the Deputy Commissioner if the value of the property or public place does not exceed one lakh rupees and of the Director, if the value of the property or public place does not exceed two lakh rupees and of the Government, if the value of the property or public place exceeds two lakh rupees:
Provided further that the Government or the Director or the Deputy Commissioner, as the case may be, may not accord sanction for the sale or lease of the property or public place, if such sale or lease is not in the interest of the Panchayat or cause inconvenience to the public.
(2) All sales shall be by auction after giving publicity as laid down in rule 122 by tender or in such other manner as may be decided by the State Government.
46 1 [(3) A Panchayat may acquire any property after the prior approval of the Director.]