(1)The Board may enter into an agreement with any person for the acquisition from him by purchase, lease or exchange, of any land which is needed for the purposes of a housing scheme or any interest in such land or for compensating the owners of any such right in respect of any deprivation thereof or interference therewith:Provided that the previous approval of the State Government shall be obtained in case of purchase or exchange involving land worth more than rupees ten thousand and in the case of a lease for more than five years.(2)The Board may with the previous approval of the State Government also take steps for the compulsory acquisition of any land or any interest therein required for the execution of any housing scheme in the manner provided in the Land Acquisition Act, 1894 (1 of 1894) and the acquisition of any land or any interest therein for the purposes of this Act shall be deemed to be acquisition for a public purpose within the meaning of the said Act.
