(1) The Authority may, by resolution, declare its intention to prepare a project or scheme as provided in section 39 in any development area.
(2) Not later than thirty days from the date of such declaration of intention to make such project or scheme, the Authority shall publish the declaration in the Official Gazette and in such other manner as may be determined by regulations.
(3) Not later than two years from the date of publication of the declaration under sub-section (2) the Authority shall prepare a project or scheme in draft form and publish it in such form and manner as may be determined by regulations together with a notice inviting objections and suggestions from any person with respect to the said draft project or scheme before such date as may be specified therein, such date being not earlier than thirty days from the date of publication of such notice.
(4) The Authority shall consider all the objections and suggestions as may be received within the period specified in the notice under sub-section (3) and shall, after giving a reasonable opportunity to such persons affected thereby as are desirous of being heard, approve the draft project or scheme as published or make such modifications, as it may deem fit.
(5) Immediately after a project or scheme is approved under sub-section (4), with or without modifications, the Authority shall publish in the Official Gazette and in such other manner as may determined by regulations a final project or scheme and specify the date on which it shall come into operation.
(6) Notwithstanding anything contained in the foregoing sub-sections, the procedure as laid down therein shall not be required to be followed in case the project or scheme is to be carried out on any land vested in the Authority and no demolition of any building or removal of persons living thereat is involved in its execution.