(1) The amount payable in respect of any land acquired under this Act, shall be 1three hundred]1 times the property tax payable in respect of such land on the date of publication of the notice referred to in section 17, under the municipal law applicable to such area and where no such property tax is payable in respect of such land, the property tax payable in respect of similar land adjacent thereto.
1. Substituted by Act 26 of 1986 w.e.f. 28.5.1986
(2) The prescribed authority shall, after holding an enquiry in the prescribed manner, determine by order the amount payable under sub-section (1) and publish the said order in the official Gazette. A copy of the said order shall be communicated to the owner of the land and every person interested therein.
(3) Where the owner of the land and the owner of the building on such land are different, the prescribed authority shall apportion the amount between the owner of the land and the owner of the building (in the same proportion as the value of the land bears to the value of the building on the date of the acquisition).