For the purposes of any project within its authority, said department may acquire such land, easements, flowage rights and interests or rights in lands of any nature whatsoever, hereinafter referred to as real estate, as may be needed by purchase, lease, or otherwise and upon such terms and conditions, including price, as the department may deem reasonable. Whenever any real estate, including such as may be held for public use, of any county, city, town, school district, village district, or other political subdivision is required for the purposes of any such project, the commissioners for such county, the mayor and city council or other governing body for such city, the selectmen for such town, the school board for such district, and the commissioners or other governing body for such village district or political subdivision may grant and convey or surrender such real estate for such compensation and upon such terms and conditions as may be agreed upon by such official representatives and the department. All real estate acquired hereunder shall be held in the name of the state except as otherwise herein provided. Forthwith, upon the acquisition by the department in the name of the state, through purchase, condemnation, or otherwise of any real estate, the same shall, without further action, and by virtue hereof, be and become dedicated to the use and purposes of the department.