(1) The Authority shall use land available at its disposal only for purposes of execution of project plan or development scheme. However, subject to any directions given by the Government in this behalf and subject to terms and conditions of grant or acquisition of such land, the Authority may dispose of any land at its disposal, without undertaking or carrying out any development thereon or after undertaking or carrying out such development as it thinks fit to such persons, in such manner and subject to such terms and conditions as it considers expedient for fulfilling the purposes of this Act.
(2) Nothing in this Act shall be construed as enabling the Authority to dispose of land by way of gift, but subject thereto, references in this Act to the disposal of land shall be construed as references to the disposal thereof in any manner, whether by way of sale, exchange or lease or by the creation of any easement, right or privilege or otherwise.