A Development Authority, Municipal Corporation, Municipal Council, Town Panchayat or Village Panchayat may, with the consent of the owner, acquire land for public purposes by way of according Transferable Development Right through issue of Development Right Certificate, to be registered, in lieu of payment towards the cost of land in such manner as may be prescribed:
Provided that the Transferable Development Right expressed in terms of area of total permissible built-up space calculated on the basis of Floor Area Ratio permissible for the concerned land, is utilised as additional built-up space over and above the permissible built-up space by the owner who may use it by himself or transfer it to any other person in full or in part from the present location for use in areas earmarked for the purpose in the Master Plan or the Detailed Town Planning Scheme.