(1) Whenever it appears to the Board that any area is lacking in adequate facilities for marketing, shopping or commerce or that the existing markets of professional or commercial establishments are inconvenient to producers, bankers, traders, members of professions, consumers, customers or clients, or that it is otherwise expedient to improve, alter or demolish the existing markets or commercial or professional centers or lay-out new markets or centers in any area, the Board may frame a Bazar Yojana (market scheme) for the area.
(2) A Bazar Yojana may provide for-
(a) the construction of mandis, shops, stalls, godowns, restaurants, cinemas, commercial houses, professional office, petrol pumps, mechanical servicing and repair stations, laundries and other requisite buildings and structures;
(b) the laying of roads, streets, lanes, side-walks, parks and parking spaces, the provision of water supply, bus stands, and stands for cycle and other vehicles, lavatories, resting places and other services and amenities;
(c) the acquisition by the Board of any site or building comprised in the area included in the scheme; and
(d) the transfer by the Board of any market to any local authority or other person, either absolutely or for management, on such terms and conditions as may be agreed upon with such local authority or person.