17.
| (1) Where any land or any interest in any land within any designated area is required by the Authority for the implementation of any of the projects and the Minister by Order published in the Gazette approves of the proposed acquisition, that land or interest in land may accordingly be acquired under the Land Acquisition Act (Chapter 460) and be transferred to the Authority, as if such land or interest in land is required for a public purpose : |
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| (2) Where any land or any interest in any land within any designated area is to be acquired under the Land Acquisition Act (Chapter 460) for any purpose of the Authority and public notice of the intention to acquire that land or interest is published as required by that Act at any time, within a period of three years commencing from the date of publication of the Order under subsection (1), the following provisions shall apply for the purpose of determining the amount of compensation to be paid in respect of that land or interest, notwithstanding anything to the contrary in that Act-
| | (a) the market value of the land shall be deemed to be the market value, the land would have had on the date of publication of such Order, if it then were in the same condition as it is in the time of acquisition, increased by a reasonable amount on account of bona fide improvements if any, effected to such land after such date ; | | |
| | (b) in ascertaining the market value of the land at the date of publication of such Order, no account shall be taken of any benefit or increase in value which may have accrued, or any expectation of benefit or increase in value which may have accrued, or any expectation of benefit or increase in value likely to accrue directly or indirectly, from any work of development or other operation of the Authority in pursuance of this Act. | | |
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Sri Lanka Consolidated Acts