(1) Subject to any direction given by the Government under this Act, the Authority may dispose of––
(a) any land acquired by the Government and transferred to it without undertaking or carrying out any development thereon ; or
(b) any such land after undertaking or carrying out such development as it thinks fit ;
[x x x x] in such manner and subject to such terms and conditions as it considers expedient for securing the development of the area according to plan.
(2) The powers of the Authority with respect to the disposal of land under sub-section (1) shall be so exercised as to secure, so far as practicable, that persons who are living or carrying on business or other activities on the land shall, if they desire to obtain accommodation on land belonging to the Authority and are willing to comply with any requirements of the Authority as to its development and use, have an opportunity to obtain thereon accommodation suitable to their reasonable requirements on terms and settled with due regard to the price at which any land has been acquired from them :
Provided that where the Authority proposes to dispose of by sale any land without any development having been undertaken or carried out thereon, it shall offer the land in the first instance, to the persons from whom it was acquired, if they desire to purchase it subject to such requirements as to its development and use as the Authority may think fit to impose.
(3) Nothing in this Act shall be construed as enabling the Authority to dispose of land by way of gift, mortgage or charge, but subject as aforesaid, reference in this Act to the disposal of land shall be construed as reference to the disposal thereof in any manner whether by way of sale, exchange or lease or by the creation of any easement right or privilege or otherwise.