State Act
Section 17-B. Disposal of land by the State Authority
17-B (1) The State Authority may dispose of/transfer – (a) any land of its land bank to any of the Local Development Authority/Company/Agency/Person, Private or Public for providing affordable housing to the weaker sections of the society; (b) any land acquired by the State Government and transferred to it without carrying out any development thereon ; or (c) any such land after carrying out such development as it thinks fit, to any Local Development Authority or any local authority or to such persons, in such manner and subject to such terms and conditions as it considers expedient for securing the development according to plan. (2) Nothing in this Act shall be construed as enabling the State Authority to dispose of land by way of gift, but subject thereto, references in this Act, to the disposal of land shall be construed as references to the disposal thereof in any manner, whether by way of sale, exchange or lease or by the creation of any easement, right or privilege or otherwise. (3) Notwithstanding, anything contained in sub-section (2), the State Authority may create a mortgage or charge over such land (including any building thereon) in favor of the Life Insurance Corporation of India, the Housing and Urban Development Corporation, or a banking company or any other financial institution approved by general or special order in this behalf by the State Government.]3