Any person, who enters into an agreement for consideration with the title holder on the basis of a permanent certificate of title issued under this Act and thereby incurs any loss due to any defect of title other than that specified in the certificate, shall be entitled to be compensated by the Certification Authority on behalf of the State Government as guarantor, for such loss to such extent as they are attributable to such defect, in such manner as may be prescribed:
Provided that the amount of compensation payable under this section shall not exceed the amount of the value of the land to which the certificate relates calculated at the DLC rates prevalent at the time of issue of the certificate in the area in which the land is situate.