(1) If it appears to a Regional Development Authority that it is necessary or expedient having regard to the general development, operation, maintenance and management of the Special Investment Region or the periphery, that the permission or approval granted under this Act should be revoked or modified, it may, after giving a reasonable opportunity of being heard to the person in whose favour the permission has been granted, by an order revoke or modify the permission to such extent as it appears to be necessary:
Provided that -
(a) where the development relates to carrying out of any building operation or other operation, no such order shall affect such of the operations as have previously been carried out, or shall be passed after these operations have substantially progressed or have been completed;
(b) where the development relates to a change of use of land, no such order shall be passed at any time after the change has taken place:
Provided further that where the revocation or modification of the permission is necessary in the public interest, the provision of the first proviso shall not apply.
(2) Where permission is revoked or modified by an order made under sub-section (1) and any owner claims within the time and manner prescribed, compensation for the expenditure incurred in carrying out the development in accordance with such permission which has been rendered abortive by the revocation or modification, the Regional Development Authority shall, after giving the owner a reasonable opportunity of being heard by the officer, appointed by it in this behalf and after considering his report assess and pay reasonable compensation to the owner.