(1) Where any land situated in a development area is required by the master plan or a zonal development plan to be kept as an open space or unbuilt upon or is designated in any such plan as subject to compulsory acquisition, then, if at the expiration of ten years from the date of coming into operation of the plan under section 12 or where such land has been so required or designated by any amendment of such plan, from the date of coming into operation of such amendment, under sub-section (4) of section 13, the land is not compulsorily acquired the owner of the land may serve on the State Government a notice requiring his interest in the land to be so acquired.
(2) If the State Government fails to acquire such land within a period of six months from the date of receipt of the notice, the master plan or, as the case may be, the zonal development plan shall have effect, after the expiration of the said six months, as if that land were not required to be kept as an open space or unbuilt upon or were not designated as subject to compulsory acquisition.