Section 272(2)(a) in The Orissa Municipal Corporation Act, 2003
(a)the sanction of the said Standing Committee shall be required, for the acquisition or exchange of any immovable property, for the acquisition of any movable property the value of which exceeds twenty thousand rupees but do not exceeds fifty thousand rupees in each case, for the taking of any property on lease for a term exceeding one year but not exceeding three years, or for the acceptance of any gift, or bequest of property burdened by an obligation; if the value of such property do not exceed twenty thousand rupees; and