The [Chief Executive Officer] may, subject to the directions given by the Authority, dispose of any vacant land or plot intended to be used for residential purposes in an approved layout, by -
(i) inviting tenders by public advertisement; or
(ii) suitable offers, through public advertisement, wherever necessary, to or accepting offers from the Government, local authority, or public sector undertakings, charitable trusts or societies registered under Societies Registration Act, 1860 (XXI of 1860); or
(iii) inviting applications by public advertisement on the basis of predetermined premium or other considerations or both and accepting any of these applications by drawing lots and, in the case of inadequate applications on 'first come, first served' basis, as the Authority may determine from time to time; or
(iv) the direction of the [Chief Executive Officer] in respect of making or accepting offers from such industrial units recommended by an ad-hoc Committee consisting of representatives of the Authority, Maharashtra State Industrial and Investment Corporation, Maharashtra State Financial Corporation, and the concerned regional Development Corporation, for construction of residential quarters for such industrial unit staff; [or
(v) Public auction held in the manner determined by the Authority.]