Section 16. Power of Government to levy betterment charge.

(1) Where as a consequence of any scheme having been executed in any area, the value of any property in that area, in the opinion of the Government, has increased or will increase, the Government shall be entitled to levy upon the owner of the property or any person having an interest therein a betterment charge in respect of the increase in value of the property resulting from the execution of the scheme. (2) Such betterment charge shall be an amount equal to one-third of the amount by which the value of the property on the completion of the execution of the development scheme estimated as if the property were clear of buildings, exceeds the value of the property prior to such execution estimated in like manner.