Immovable property in respect of which proceedings for acquisition may be taken

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....erty of a fair market value exceeding 1[one hundred] thousand rupees has been transferred by a person (hereafter in this Chapter referred to as the transferor) to another person (hereafter in this Chapter referred to as the transferee) for an apparent consideration which is less than the fair market value of the property and that the consideration for such transfer as agreed to between the parties....

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....uch proceedings shall be initiated unless the competent authority has reason to believe that the fair market value of the property exceeds the apparent consideration therefor by more than fifteen per cent of such apparent consideration. (2) In any proceedings under this Chapter in respect of any immovable property,- (a) where the fair market value of such property exceeds the apparent considera....