(1) Where in the opinion of the Authority, as a consequence of any development having been in any zone, the value of any property in that zone or executed by the Authority in any area other than the zone, which has been benefited by the development, has increased or will increase, the Authority shall be entitled to levy upon the owner of the property or any person having an interest therein a betterment charge in respect of the increase in value of the property resulting from the execution of the development : Provided that no betterment charge shall be levied in respect of lands owned by Government or any local authority.
(2) Such betterment charges shall be an amount––
(i) in respect of any property situate in a zone equal to one-third of the amount, and
(ii) in respect of property situate in any other area not exceeding one-third of the amount,
by which the value of the property on the completion of the execution of the development estimated as if the property were clear of buildings, exceeds the value of the property prior to such execution estimated in like manner :
Provided that in levying betterment charges on any property under clause (ii), the Authority shall have regard to the extent and nature of benefit accruing to the property from the development and such other factors as may be prescribed by rules made in this behalf.