(1) Any land vesting in the Board may with the previous concurrence of the Government be transferred by the Board to the Government and when such transfer is made the loans advanced by the Government to the Board shall be reduced to the extent of the purchase value of the land so transferred plus the charges incurred on the establishment for its maintenance and on its development.
(2) Any building vesting in the Board may, with previous concurrence of the Government, be transferred by the Board to the Government and when such transfer is made, the loans advanced by the Government to the Board shall be reduced to the extent of the cost of the building so transferred plus the charges incurred on the establishment for its maintenance but less a reasonable amount to be deducted on account of depreciation.
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(3) Subject to the provision of sub-rules (1) and (2) the Board shall not lease, sell, exchange or otherwise dispose of any immovable property vesting in it and situate in the area comprised in any housing scheme sanctioned under the Act, without the prior approval of the Government. Such transfer shall be subject to such terms and conditions as the Government may determine in each case in that behalf :
Provided that no such approval shall be required for, -
(a) allotment and sale of tenements, premises and residential/commercial plots according to the regulations made by the Board in that behalf;
(b) leasing any vacant land for a period not exceeding two years at a time;
(c) sale or demolition of any building or structure, which is in a dangerous condition or beyond repair.