Section 40 in New Town, Kolkata Development Authority Act, 2007
40. Disposal of property.
- The property belonging to the Development Authority may tie disposed of in the manner provided in this section, namely:-(a)the Development Authority may sell, or grant lease of, or otherwise dispose of, by public auction, any movable property belonging to the Development Authority;(b)the Development Authority, with, the prior. approval of the State Government may, for valuable consideration, let out on,hire, grant lease, or seam otherwise transfer, any immovable property belonging to the Development Authority but not required for carrying out the purposes of this Act;(c)the Development Authority shall not transfer any immovable property vested in it by virtue of this Act, but shall cause the same to be maintained; controlled and regulated in accordance with the provisions of this Act and the rules and the regulations made thereunder:Provided that the State Government may authorise, in the public interest, the, disposal of such immovable property by the Development Authority if, such authority so requires for reasons to be recorded in writing.
