(1) The duty imposed by the Indian Stamp Act, 1899, on any deed of transfer of immovable property shall, in the case of an immovable property situated within a special development area, be increased by two per cent on the amount or value of the consideration with reference to which the duty is calcu- lated under the said Act:
Provided that the State Government may, by notification, enhance the aforementioned percentage of the increase in stamp duty up-to five.
(2) All collections resulting from the said increase shall, after deduction of incidental expenses, if any, be allocated and paid by the State Government to the Authority in such manner and in accordance with such principles as the State Government may, by notification, specify.
(3) For purposes of this section, section 27 of the Indian Stamp Act, 1899, shall be read as if it specifically required the particulars feferred to therein to be separately set forth in respect of property within the area subject to the jurisdi- ction of the Authority.
(4) For the purposes of this section, section 64 of the Indian Stamp Act, 1899 shall be so read and construed as if it referred to the Authority as well as to the State Government.