Section 50(3) in The Orissa Town Planning and Improvement Trust Act, 1956
(3)Where any land or building vests in the Planning authority under Sub-section (1) and no declaration is made under Sub-section (2) in respect of the land, the said authority shall pay to the Municipality as compensation a sum equal to the market value of such land or building as on the date of the publication of the Notification under Section 47; and where any building situated on land in respect of which a declaration has been made by the said authority under Sub-section (1), like compensation shall be payable in respect of such building by the said authority:Provided that land of equal market value may be given in exchange in lieu of compensation.
