Section 74 in Tamil Nadu Town and Country Planning Act, 1971
74. Method of awarding compensation.
(1)In determining the amount of compensation, the Tribunal shall be guided, so far as may be, by the provisions of sections 23 and 24 of the Land Acquisition Act, 1894 (Central Act I of 1894), and as regards matters which cannot be dealt with under those provisions, by what is just and reasonable in the circumstances of each case.(2)If, in any case, the exercise of any right in the property is injuriously affected for a time only, the compensation shall be awarded only in respect of the period during which the exercise of such right in the property is so injuriously affected.(3)The amount of compensation determined under this Act shall be paid by the appropriate planning authority to the person or persons entitled thereto, at his or their option,-(a)in cash in such annual instalments with interest at such rate as may be prescribed, or(b)in saleable or otherwise transferable promissory notes or other securities or stock certificates of the Government, or(c)partly in cash or partly in such securities specified in clause (b), as may be required by the person or persons concerned.(4)The option referred to in sub-section (3) shall, subject to the provisions of section 75, be exercised by such person or persons concerned before the expiry of a period of one month from the date of communication of the order relating to the payment of compensation and the option so exercised shall be final and shall not be altered or rescinded after it has been exercised. Any person who omits or fails to exercise the option referred to in sub-section (3) within the time specified above shall be deemed to have opted for payment in securities and stock certificates referred to in clause (b) of sub-section (3). The amount of compensation payable in instalments shall be paid and the securities and the stock certificates referred to in clause (b) of sub-section (3) shall be issued within two months from the date of receipt by the appropriate planning authority of the option referred to above or where no such option has been exercised from the date before which such option ought to have been exercised.
