Section 39. Power tu purchase, lease or acquire land, - m The Board may enter

into an agreement with any person or the '1 Administrator] For the acquisition from
him by purchase, lease or exchange, of any land which is needed for ihc purposes
of a housing scheme or any interest in such land or for compensating the owners
nf any such, right In respect of any deprivation thereof or interference therewith :
'[Provided that the previoua approval of the Administrator .-shall be obtained
in case oFpurehase or exchange involving land worth more than fifty lakhs rupees
or lease for inure than five years.]
(2) The Board may, from such date as the '[Administrator] may appoint by
notification in this behalf, also take steps for .the compulsory acquisition of any
land or any interest therein required for the execution of a housing scheme in the
manner provided in the Land Acquisition Act, 1394. as modified by this Act- and
th* acquisition of any land or any interest therein For the purpose ofthis Act shall
be deemed to LB acquisition for a public purpose within the meaning of thv Land
Acquisition Act, 1894.