(1) In respect of every land the ownership of which stands transferred to the tenant under section 127, the landowner shall be entitled to compensation which shall consist of the aggregate of the following amounts, this is to say,--
(a) an amount equal to thirty times the full land revenue payable for the land or, if the land is held revenue-free or at a concessional rate, thirty times the amount of land revenue payable for similar lands in the locality;
(b) the value of trees, if any, planned by the landowner.
Explanation.--Where any improvement has been made on the land at the expense of the landowner at any time subsequent to the last settlement, the land revenue for the purpose of this section shall be the land revenue payable for similar lands in the locality.
(2) The land revenue payable for similar lands in the locality and the value of trees referred to in sub-section (1) shall be determined in the prescribed manner.
(3) Every landowner entitled to compensation under this section shall, within a period of six months from the date of the declaration referred to in section 127, apply to the competent authority in the prescribed manner for determining the compensation.