(1) Where for the purpose of any proposal, plan or project, any land in the area comprised therein which is not required for the execution thereof will in the opinion of the Authority, be increased in value, the Authority may for the purposes of any such proposal, plan or project in lieu of providing for acquisition of such land, declare that the 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 resulting from the execution of such proposal, plan or project.
(2) Such increase in value shall be the amount by which the value of the land on the completion of the execution of the proposal, plan or project estimated as if the land were clear of the buildings exceeds the value of the land prior to the execution of the proposal, plan or project estimated in like manner and the betterment charges shall be one-half of such increase in value.
(3) No betterment charges shall be payable by the Government in respect of any land which is the property of the Government or is managed by any Government or by any Corporation (including a company or subsidiary company thereof) owned or controlled by the State or by any local authority or any public institution in respect of any land belonging to such authority or institution if and so as long as, such land is used for public, charitable or religious purpose.