(1) A Planning Authority shall be competent to make any agreement with any person in respect of any matter which is to be provided for in a town planning scheme subject to the power of the State Government to modify or disallow such agreement and unless it is otherwise expressly provided therein, such agreement shall take effect on and after the day on which the town planning scheme comes into force.
(2) Such agreement shall not in any way affect the duties of the Arbitrator as stated in section 72 or the rights of third parties, but it shall be binding on the parties to the agreement, notwithstanding any decision that may be passed by the Arbitrator :
Provided that, if any agreement contains any provisions which are inconsistent with the final scheme as drawn up by the Arbitrator under section 72 or the final scheme as sanctioned by the State Government under section 86 such an agreement shall be void :
Provided further that, if the agreement is modified by the State Government, either party shall have the option of avoiding it if it so elects.
(2) Such agreement shall not in any way affect the duties of the Arbitrator as stated in section 72 or the rights of third parties, but it shall be binding on the parties to the agreement, notwithstanding any decision that may be passed by the Arbitrator :
Provided that, if any agreement contains any provisions which are inconsistent with the final scheme as drawn up by the Arbitrator under section 72 or the final scheme as sanctioned by the State Government under section 86 such an agreement shall be void :
Provided further that, if the agreement is modified by the State Government, either party shall have the option of avoiding it if it so elects.