44. (1) Where, in the opinion of the Authority, as a consequence of any development scheme having been executed by the Authority in any area, the value of any land in that area has increased or will increase, the Authority may levy upon the owner of the land or any person having any interest therein, a betterment fee in respect of the increase in the value of the land resulting from the execution of the development scheme. (2) Such betterment fee shall be an amount not exceeding one-half of the amount by which the value of the land on the completion of the execution of the development scheme, estimated as if the land were clear of building, exceeds the value of the land estimated in like manner prior to such execution: Provided that in levying betterment fee on any land the Authority shall take into consideration the extent and nature of benefit accruing to the land from the development scheme and such other factors as may be prescribed.