(3)Waste land which has been reclaimed under Sub-section (1) or Sub-section (2) shall be assessable to rent according to the terms of any agreement entered into by the parties before or after the reclamation. In the absence of any such agreement, the Collector may, on the application of either of the parties, settle a fair and equitable rent for the land, and, in doing so, shall have regard to -(i)the provisions of Section 60; and(ii)any local usage or arrangement between the parties which is in his opinion fair and equitable.Payment of rent
