(1) Subject to any direction issued by the State Government under this Act, the Authority may dispose of by way of sale, exchange, lease or auction any land acquired by it or transferred to it by the State Government after undertaking or carrying out such development as provided in housing and development scheme, in such manner, as may be prescribed and subject to such terms and conditions, as it thinks fit.
(2) Subject to the provisions, of sub-section (1), the Authority may sell, lease or otherwise transfer whether by auction or allotment any land or building belonging to it on such terms and conditions as it may, from time to time, determine.
(3) The consideration money for any transfer under this section shall be paid to the Authority, in such manner, as may be prescribed by regulations.
(4) Any land or building, or both, as the case may be, shall continue to belong to the Authority until the entire consideration money together with interest and any other amount, if any, due to the Authority, on account of the transfer of such land or building or both, is paid.
(5) Subject to the provisions of regulations, the transfere shall not further transfer any of his rights in the land or buildings except with the prior permission of the Authority on an application accompanied by such fees, as may be prescribed.