(1)A Municipality may acquire,-(a)Any land required for the purpose of opening, widening , extending or otherwise improving any public street or of making any new public street and the buildings if any, standing up on such land; and(b)Any land outside the proposed street alignment, with the buildings, if any, standing thereupon:Provided that, in any case in which it is decided to acquire any land under clause (b) the owner of such land may retain it by paying to the Municipality an annual sum to be fixed by the Municipality in that behalf or a lump-sum to be fixed by it, not being less than twenty-five times, of such annual sum and subject to such conditions as the Municipality thinks fit as to the removal of the existing building, if any, the description of the new building , if any, to be erected , the period within which, the new building, if any, shall be completed and any other similar matters.
