The Council may enter into agreements to purchase any land pursuant to any direction of, or any undertaking given to, a Parliamentary Committee during the passage through Parliament of the Bill for this Act; and any such agreement may provide for the purchase price payable for that land to be equal to the amount of the compensation that would have been payable if the Council had been authorised to acquire the land compulsorily under Part III of this Act and has served a notice to treat in respect of that land.