(2)For land which on the date notified under sub-section (5) of Section 32 has neither been built upon not in respect of which permission to build has been accorded before that date, the betterment value shall be the value on the date when permission to build is granted less the basic value as computed with reference to the date notified under sub-section (4) of Section 32, less the estimated value of improvement, if any carried out by the owner between the two later dates.
