Whenever in the opinion of the acquiring authority the purposes for which control over any land or other real property is needed are not essentially impaired by the acquisition of an interest in the land, or other real property less than a fee simple, or less than perpetual in duration, or subject to any easements or rights of way, or subject to reserved or outstanding interests or rights, and there is a substantial saving in cost by acquiring limited title or title subject to the encumbrances, reserved or outstanding interests or rights in the land or other real property, as compared with the cost of acquiring fee simple unencumbered title thereto, the acquiring authority shall be and hereby is authorized and empowered, with the approval of the state properties committee, to take and accept an interest less than a fee simple in the land or real property, or for a limited period of time, or subject to easements, rights of way, reserved or outstanding interests or rights, and the attorney general in that case may approve the limited title or title subject to easements, rights of way, reservations, or outstanding interests or rights.