(1) When by making of a housing scheme any land in the area comprised in the scheme will, in the opinion of the Board, be increased in value, the Board in framing the scheme may declare that betterment charges shall be payable by the owner of the land or any person having an interest therein in respect of the increase in value of the land from the execution of the scheme.
(2) Such increase in value shall be the amount be the amount of which the value of the land on the completion of the execution of the scheme estimated as if the land were clear of the buildings exceeds the value of the land prior to the execution of the scheme estimated in like manner and the betterment charges shall be subject to maximum of one-half of such increase in value as the Board may determine.
(3) Such betterment charges shall also be leviable in respect of any land not comprised in the scheme but declared by the Government to be adjacent to the area comprised in the scheme.