23. The price payable for any house vested In, the Commissioner under this Law shall be -
| (a) the market value of the house as at the date of vesting, such market value being determined in the case of a house let to a tenant on the basis that recovery of possession of such house is possible only in accordance with the provisions of the Rent Act, No. 7 of 1972, and without taking into consideration the value of any additions or improvements made by the tenant or by the person on whose death the tenant succeeded to the tenancy under section 36 of the Rent Act, No. 7 of 1972, or section 18 of the Rent Restriction Act (Chapter 274); or |
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| (b) where the ownership of the house was acquired by purchase or otherwise prior to April 1, 1957, or otherwise than by purchase on or after April 1, 1957, the market value thereof as at April 1, 1957, increased by an amount calculated at a rate of six per centum of such value for each year up to the date of vesting and an additional sum which is equal to the reasonable value of any additions or improvements made to such house by the former owner, reduced by the net income for that period, and where the ownership of the house was acquired by purchase on or after April 1, 1957, the lowest purchase price as specified in any deed of purchase in respect of such house executed after April 1, 1957 increased by an amount calculated at a rate of six per centum of such purchase price for each year from the date of such deed up to the date of vesting and an additional amount equal to the reasonable value of any additions and improvements made to such house by any owner after the date of such deed, reduced by the net income for that period, |
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Sri Lanka Consolidated Acts