(1) The net amount payable under the provisions of this Act by the owner of a final plot included in a final scheme may at the option of the contributor be paid in one sum or annual instalments not exceeding ten. If the owner elects to pay the amount by instalments, interest at 6 per cent. per annum shall be charged on the net amount payable. If the owner of a plot fails to elect the option on or before the date specified in a notice issued to him in that behalf by the Planning Authority, he shall be deemed to have elected the option of paying contribution by instalments and the interest on the contribution shall be calculated from the date specified in the notice, being the date before which he was required to make an election as aforesaid :
Provided that, where an owner elects to pay the amount in one sum but fails to do so, interest at 6 per cent. per annum shall be payable by him to the Planning Authority from the date specified in the notice to the date of payment.
(2) Where two or more final plots included in a final scheme are in the same ownership, the net amount payable by such owner under the provisions of this Act shall be distributed over his several final plots in proportion to the increment which is estimated to accrue in respect of each final plot unless the owner and the Planning Authority agree to a different method of distribution.