(2)When making an order under the proviso to sub-section (1), the Collector shall fix the amount of compensation or of annual rent or of both which should, in his opinion, be paid by the promoter to the owner of the property affected thereby, or, in the case of immovable property, to the owner or occupier thereof.Explanation: - For the purposes of this section, if a promoter is not a company within the meaning of the Indian Companies Act, 1913 (VII of 1913), or a local authority, such promoter shall be deemed to be a company and the provisions of Part VII of the Land Acquisition Act, 1894 (1 of 1894), shall mutatis mutandis apply to the acquisition of immovable property on his behalf.
