Notwithstanding anything to the contrary contained in the Act & subject to such Rules as may be made in this behalf, the State Government may, by notification and subject to such conditions and restrictions, as may be specified in the notification, permit any developer to pay, in lieu of tax payable by him under the Act, by way of compounding of tax at such rate not exceeding 5 per centum, as may be specified in the notification, of entire aggregate amount specified in agreement or value specified for the purpose of stamp duty, whichever is higher, in respect of the said agreement.