Where the Chief Municipal Officer upon information in his possession is satisfied in respect of any area
(a) that the buildings in any area are by reasons of disrepair or unsanitary conditions unfit for human habitation or are by reason of their bad arrangements or the narrowness or bad arrangement of the street or the want of light, air, ventilation or proper conveniences, dangerous or injurious to the health of the inhabitants of the area, and
(b) that the most satisfactory method of dealing with the conditions in the area is the rearrangement and re-construction of the streets and buildings in accordance with redevelopment schemes, he may frame a redevelopment scheme in respect of the area. Such a scheme shall fulfil all the requirements in the case of a regular scheme as provided in Sections 173 and 174.