(1) Subject to any directions by the State Government under this Act, the Authority may dispose of -
(a) any land acquired by it or transferred to it by the State Government without undertaking or carrying out any development thereon; or
(b) any such land after undertaking or carrying out such development as it thinks fit to such persons, in such manner and subject to such terms and conditions as it considers expedient for securing proper development.
(2) The transfer of land to any person under sub-section (1) shall be subject to such further conditions as may be prescribed with regard to completion of buildings or parts thereof or with regard to extension of period for such completion and payment of fees for such extension.
(3) Nothing in this Act shall be construed as enabling the Authority to dispose of land by way of gift, but subject to this condition, reference in this Act to the disposal of land shall be construed as reference to the disposal thereof in any manner whether by way of sale, exchange, lease or by the creation of any easement, right or privilege or otherwise.
(4) Subject to the provisions hereinbefore contained, the Authority may sell, lease or otherwise transfer whether by auction, allotment or otherwise any land or building belonging to it on such terms and conditions as it may from time to time determine.
(5) The consideration money for any transfer under sub-section (4) shall be paid to the Authority in such manner as may be determined by the Authority.
(6) Notwithstanding anything contained in any other law for the time being in force, any land or building, or both, as the case may be, shall continue to belong to the Authority until the entire consideration money together with interest and any other amount, if any, due to the Authority, on account of the transfer of such land or building or both, is paid.
(7) Unless and until conditions provided in the regulations made by the Authority are fulfilled, the transferee shall not transfer any of his rights in the land or building except with the previous permission of the Authority which may be granted on such terms and conditions and on payment of such fee as may be determined by the Authority.