Section 103B(2) in Maharashtra Housing and Area Development Act, 1976
(2)On receipt of the application made under sub-section (1), the Board shall after due verification and scrutiny, approve the proposal if it considers that it is in the interest of better preservation of the building or to be necessary for reconstruction of a new building and shall direct the co-operative society, whether registered or proposed, to deposit with the Board within the period specified by it in that behalf thirty per cent of the approximate amount that would be required to be paid to the owner if the land is acquired and give intimation in that behalf to the owner.
