(1) Where land or buildings or any interest therein is acquired compulsorily under the Land Acquisition Act for the purposes of this Act, compensation shall be payable to the owner of such land or buildings in accordance with the Land Acquisition Act.
(2) The Corporation shall, out of its own funds, pay into the Consolidated Fund any compensation paid under the Land Acquisition Act in respect of any compulsory acquisition.
(3) In assessing the amount of compensation payable under the Land Acquisition Act to the owners of land or buildings or any interest therein acquired compulsorily by the Corporation for the purposes of this Act—
(a) in the case of land with buildings which are unfit for human habitation or are dangerous or injurious or likely to be injurious to the health of the inhabitants of the area, the compensation payable shall be the value of the site as a cleared site available for development without regard to any buildings existing thereon;
(b) in the case of land with buildings in respect of which sanitary defects exist but which are not otherwise unfit for human habitation or dangerous or injurious or likely to be injurious to the health of the inhabitants of the area, the compensation payable shall be the value of the site as a cleared site together with the value of the buildings, after deducting such amount as would be required to abate the sanitary defects;
(c) in the case of any other land and building, the compensation payable shall be the value thereof.
(4) In assessing the amount of compensation payable to the owners of land and buildings acquired for a re-development scheme, there may be taken into consideration any increased value which will be given to other premises of the same owner.
(5) The owner of any building which is regarded as unfit for human habitation is entitled, on making a request in writing, to be furnished by the Corporation with a statement in writing of its reason for deciding that the building is unfit.