(1) If in the opinion of the State Government, any land is required for the purpose of development, or for any other purpose, under this Act the State Government may acquire such land under the provisions of the Land Acquisition Act, 1894:
Provided that any person from whom any land is so acquired may, after the expiration of a period of five years from the date of such acquisition, apply to the State Government for restoration of that land to him on the ground that the land has not been utilised within the period for the purpose for which it was acquired, and if the State Government is so satisfied it shall order re- storation of the land to him on re-payment of the charges which were in- curred in connection with the acquisition together with interest at the rate of twelve per cent per annum and such development charges, if any, as may have been incurred after acquisition.
(2) Where any land has been acquired by the State Government, it may, after it has taken possession of the land, transfer the land to the Authority for the purpose for which the land has been acquired on payment by such Authority of the compensation awarded under that Act and of the charges incurred by the State Government in connection with the acquisition.