Section 24(1) in The Maharashtra Aerial Ropeways Act, 1956
(1)When an order under section 10 has been made in favour of a promoter of an aerial ropeway for public traffic not being a local authority, the State Government, or a local authority specified in the order published under the said section 10 shall on the expiration of such period not exceeding twenty-one years and of every such subsequent period, not exceeding seven years, as shall be specified in such order, have the option of purchasing the undertaking, and if the State Government, or the local authority with the previous sanction of the State Government, elects to so purchase the undertaking the promoter shall sell the undertaking to the State Government or to the local authority, as the case may be, on payment of the value of all lands, buildings, works, materials, plant and apparatus of the promoter, suitable to, and used by him for the purposes of the undertaking, such value to be in case of difference or dispute determined by arbitration:Provided that the value of such lands, buildings, works, materials, plant and apparatus shall be deemed to be their fair market value at the time of purchase, due regard being had to the nature and condition for the time being of such lands, buildings, works, materials, plant and apparatus, and to the state of repair thereof, and to the circumstances that they are in such a position as to be ready for immediate working, and to the suitability of the same for the purposes of the undertaking.
