(1) Where in the opinion of the Authority, as a consequence of any development scheme having been executed by the Authority in any development area, the value of any property in that area which has been benefited by the development, has increased or will increase, the Authority shall be entitled to levy upon the owner of the property or any person having an interest therein a betterment charge in respect of the increase in value of the property resulting from the execution of the development:
Provided that no betterment charge shall be levied in respect lands owned by Government:
Provided further that where any land belonging to Government has been granted by way of lease or license by Government to any person, then that land and any building situate thereon shall be subject to a betterment charge under this section.
(2) Such betterment charge shall be an amount-
(i) in respect of any property situate in the township or colony if any developed or in other area developed or redeveloped, equal to one third of the amount, and
(ii) in respect of property situated outside such township, colony or other area, as aforesaid, not exceeding one-third of the amount, by which the value of the property on the execution of the development scheme, estimated as if the property were clear of buildings exceeds the value of the property prior to such execution, estimated in like manner.