"127. Lapsing of reservation.- If any land
reserved, allotted or designated for any purpose
specified in any plan under this Act is not
acquired by agreement within ten years from the
date on which a final regional plan, or final
development plan comes into force or if
proceedings for the acquisition of such land under
this Act or under the Land Acquisition Act, 1894,
(I of 1984), are not commenced within such period,
the owner or any person interested in the land may
serve notice on the planning authority,
development authority or as the case may be,
Appropriate authority to that effect; and if
within six months from the date of the service of
such notice, the land is not acquired or no steps
as aforesaid are commenced for its acquisition,
the reservation, allotment or designation shall be
deemed to have lapsed, and thereupon the land
shall be deemed to be released from such
reservation, allotment or designation and shall
become available to the owner for the purpose of
development as otherwise, permissible in the case
of adjacent land under the relevant plan."