- Any property belonging to the municipality may be disposed of with the prior approval of the State Government in the manner hereinafter provided, namely:-(1)the Standing Committee may sell, or grant lease of, or otherwise dispose of, by public auction, any movable property, and may grant lease of, or let out on hire or authorise the developer appointed for the furtherance of the objective of the Act, to sublease or carry out any arrangement in any of the concession agreement under Public Private Partnership, any movable or immovable property, belonging to the municipality,(2)the municipality may, with the prior approval of the State Government, for valuable consideration, sell or otherwise transfer, any immovable property belonging to it which is not required for carrying out the purposes of this Act, and(3)the municipality shall not transfer any immovable property vested in it by virtue of section 126, 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 authorize, in the public interest, the disposal of such immovable property by the municipality, if the municipality so requires, for reasons to be recorded in writing.Explanation - "valuable consideration" shall, in relation to any immovable property, means anything of considerable value in terms of money or property given in lieu of transfer, by way of sale or otherwise, of such immovable property.
