Recovery of betterment from owner of property increased in value

(1) Where by the coming into operation of any provision contained in a scheme or by the execution of any work under a scheme, any property within the area, to which the scheme applies, is increased in value, the Central Authority, if it makes a claim for the purpose within three years after the date on which the provision came into operation, or within three years after the completion of the work, as the case may be, shall be entitled to recover from any person whose property is so increased in value an amount not exceeding one-half of the amount of that increase. (2) Any sum recoverable under this section shall be paid within thirty days after notification of the amount due or by annual instalments over a period of not less than twenty years and not more than thirty years as shall be fixed by the Central Authority together with interest at the rate of three per centum per annum chargeable on the aggregate amount of the time being outstanding, Provided that the person from whom instalments are due may, on giving not less than six months’ notice in writing to the Central Authority of his intention so to do, pay to them the whole of any outstanding instalments, together with any interest accruing due thereon to the date of payment. (3) Where any provision of a scheme is revoked or varied by a subsequent scheme, no property shall be deemed to be increased in value by any provision contained in the subsequent scheme if and in so far as that provision is the same, or substantially the same, as a provision contained in the scheme so revoked or varied, Provided that if at the date when the revocation or variation of the said scheme becomes operative there is still outstanding any claim in respect of an increase in the value of any property duly made thereunder, or the time originally limited for making such a claim has not expired, any such outstanding claim, and any such claim made within the time so limited, shall be entertained and determined and may be enforced, in the like manner in all respects as if all the provisions of the earlier scheme had continued in operation.