18. (1) Where any land or building has been acquired under this Act, the State Government shall make it available to the Competent Authority for the purpose of executing any work of improvement or for carrying out order of demolition or for the purpose of redevelopment or rehabilitation of inhabitants of slum areas or for any other purpose under this Act and thereupon the Competent Authority shall utilize the land or building so made available for the said purpose.
(2) Where any houses have been constructed on the land made available to the Competent Authority under sub-section (1), the same shall, as far as it may be possible so to do, be first offered for allotment to the occupiers of the buildings demolished in that area in such manner and subject to such conditions as may be prescribed.
[Explanation- Where a house or part thereof, or vacant land is to be allotted to any person under this Act, the Competent Authority may lease out the same to the allottee for such period and on such rent and other conditions as may be prescribed. ]