(1-) Where a person has built a house or erected any other structure on any land in the shamil~t deh, before the coming into force of the Act, the Panchayat may allow such person :to retain possession of the site by --
(a) selling it-to him at the market value prevailing .at the time of the sale to be determined by the Collector or the., officer appointed by him for the purpose:
Pr9vided that if the person concerned is unable to pay· the entire amount immediately, it shall be recovered ·in such · instalments to be spread over a period not exceeding five years as may be determined by the Panchayat; or
(b) leasing out the site to him at an annual rent to be determined by the Collector or the officer appointed by him for the purpose at the rates . prevailing at that time.
(2) Subject tQ sub-rule (1 ), the terms and conditions for sale-or lease of land in shamilat deh shall be determined by the Panchayat.