Section 19(2) in M.P. Nagar Tatha Gram Nivesh Niyam, 1975
(2)The land acquired by the State Government shall vest in the town and Country Development Authority on the following terms and conditions :-(i)The powers of the authority with respect to the disposal of the land acquired shall be so exercises as to secure, as far as practicable to the persons who are living or carrying on business or other activities on the land if they desire to obtain accommodation on the land belonging to the Town and Country Development Authority concerned and are willing to comply with any requirement of the authority as to its development and rules in opportunity to obtain thereon accommodation suitable to their reasonable requirement.(ii)If the Town and Country Development Authority concerned proposed to dispose of by sale any land without any development having been undertaken or carried out thereon it shall transfer the land in the first instance to the persons from whom it was acquired if they desire to purchase it.(iii)The Town and Country Development Authority shall not dispose of the land by way of gift, mortgage and way of charge.(iv)The Town and Country Development Authority may dispose of the land by way of sale, exchange or lease or by creation of any right or privilege or otherwise.(v)The Town and Country Development Authority shall pay the amount of compensation to the Government which has been awarded to the owner of land by the Government.(vi)The Town and Country Development Authority shall pay other charges to the Government which have been incurred by the State Government in connection with the acquisition.(vii)Town and Country Development Authority shall execute an agreement with the Government for transfer of the acquired land.
