(1) Notwithstanding anything contained in the Rajasthan Land Revenue Act, 1956 (Act No. 15 of 1956), the land as defined in section 103 of that Act, excluding land referred to in sub-clause (ii) of clause (a) of the said section and nazul land placed at the disposal of a local authority under section 102 A of that Act in Ajmer Region, shall, immediately after establishment of the Authority under section 3 of this Act, be deemed to have been placed at the disposal of and vested in the Authority which shall take over such land for and on behalf of the State Government and may use the same for the purposes of this Act and may dispose of the same by way of allotment, regularisation or auction subject to such conditions and restrictions as the State Government may, from time to time, lay down and in such manner, as it may, from time to time, prescribe :
Provided that the Authority may dispose of any such land-
(a) without undertaking or carrying out any development thereon; or
(b) after undertaking or carrying out such development as it thinks fit, to such person, in such manner and subject to such covenants and conditions, as it may consider expedient to impose for securing development according to plan.
(2) No development of any land shall be undertaken or carried out except by or under the control and supervision of the Authority.
(3) If any land vested in the Authority is required at any time by the Municipal Corporation, Ajmer, Municipal Council Kishangarh or Municipal Board Pushkar for carrying out its functions or by the State Government for any other purpose, the State Government may, by notification in the Official Gazette, place such land at the disposal of the Municipal Corporation, Ajmer, Municipal Council Kishangarh, Municipal Board Pushkar or any Department of the State Government, as the case may be, on such terms and conditions as may be deemed fit.
(4) All lands acquired by the Authority, or by the State Government and transferred to the Authority, shall be disposed of by the Authority in the same manner as may be prescribed for land in sub-section (1).