(3)Where any land, not being a street or square, or building vests in the Board under sub-section (1) and no declaration is made by the Board that the land will be so retained, the Board shall pay to [the Howrah Municipal Corporation or the Municipality concerned, as the case may be,] [Words substituted of the words 'the Commissioners of the Municipality concerned,' by W.B. Act 15 of 1995.] as compensation a sum equal to the market value of the said land or building as on the date of the publication of the notification under section 51 and where any building, situated on land in respect of which a declaration has been made by the Board under sub-section (2), is vested in the Board under sub-section (1), like compensation shall be payable in respect of such building by the Board.
