(1)*[Subject to the provisions of rule 5A and except for the purpose] of raising loans, the vacant lands shall ordinarily be disposed of by a grant of lease.
(2)Subject the directions given by the Authority from time to time, the Chief Officer, may dispose of any vacant land or plot reserved for residential use in the approved schemes, by a lease to be granted in consideration of premium or rent or both for a term not exceeding 90 years and in the manner prescribed in the regulations to be made by the Authority for the purpose.
(3)The premium and lease rent to be charged shall be worked out in a manner to be laid down by the Authority in its regulations or by charging lease rent on the market value at a rate to be decided by the Authority.
* Substituted for the words "Except for the purpose" by Notification No.ADL-1085/1706/D-X dated
15.4.1986.
Transfer of land not required for purpose of authority, to original owner. - +[5A Notwithstanding anything contained in rule 5 or any other rule of these rules, the authority may, with the previous sanction of the State Government, and on such terms and conditions as it may deem fit, transfer by conveyance land or any part thereof acquired by the State Government under section 41 of the Act and made available to it under Sub-section (3) of section 42 thereof, to the original owner of the land, if such land or any part thereof is not required by the authority for the purpose of the execution of any of its schemes.]
+Inserted by Notification No.ADL – 1085/1706/D-X/dated 15-4-1986.