(1) When any land within the delineated market area is required for the purposes of this Act, and the Board or the Market Committee is unable to acquire it by agreement, the State Government may, at the request of the Board or the Market Committee, as the case may be, proceed to acquire such land under the provisions of Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 and on the payment of the applicable compensation awarded under that Act by the Board or Market Committee and of any other charges incurred by the State Government in connection with the acquisition, the land shall vest in the Board or the Market Committee, as the case may be:
Provided that once a proposal is made by the Market Committee, it shall not be withdrawn by it except for such reasons as may be approved by the State Government.
(2) The Board or the Market Committee shall not, without the previous sanction of the State Government, transfer any land which has been acquired for this purpose by the Board or the Market Committee under subsection (1) or divert such land to a purpose other than the purpose for which it has been acquired:
Provided that the premises used for principal market yard, submarket yard or for the purpose of the Board shall not be deemed to be included in the limits of the Municipal Corporation, District Council, as the case may be.