(1) Whenever any private street or square or part thereof which the public has right to pass along or use and which is not vested in the Board or in any local authority is required for executing any housing or improvement scheme, the Board shall cause to be affixed in a conspicuous place in or near such street or square or part a notice signed by the Housing Commissioner and-
(a) stating the purpose for which such street or square or part is required, and
(b) declaring that the Bard will, on or after a date to be specified in the notice, take over charge of such street or square or part from the owner thereof, and shall simultaneously sent a copy of such notice to the owner of such street or square or part.
(2) After considering the objections, if any, received in writing before the date specified in this behalf in the notice, the Board may take over charge of such street or square or part, and the same shall thereupon vest in the Board.
(3) When the Board alters or closes any private street or square or part thereof which has vested in it under sub-section(2), it shall pay to the previous owner compensation determined on the basis of the market value, on the date of vesting, of his rights therein.
(4) If the alteration or closure of any such street or square or part causes damage or substantial inconvenience to the owners of property adjacent thereto, or to the residents in the neighborhood, the Board shall forthwith provide some other reasonable means of access fr the use of persons who were entitled o use such street or square or part as a means of access to any property or place, and if the provision of such means of access does not sufficiently compensate any such owner or resident for such damage or in convenience, the Board shall also pay him reasonable compensation in money.