(2)If no reply is received to the notice within such period as aforesaid, or if the reply furnished by the owner appears to be insufficient or not well founded, the Municipal Commissioner or the Executive Officer may, by a notice in writing direct such owner or occupier -(a)to reclaim and raise the site within the specified period; or(b)to pay to the Municipal Commissioner or the Executive Officer within thirty days after the receipt of the said notice the estimated cost of reclaiming and raising the site by municipal agency.