Section 5 in The Bombay City Land Revenue Assessment Rules, 1989
5. Method for calculating average market value.
- On the basis of the information relating to safes price, estimated sale price and valuation determined for awarding compensation in resect of built up and unbuilt up plots in accordance with the provision of rule 4, the Collector shall work out the average market value of the land in revenue division in the following manner; viz. -(a)The amount of sale price, estimated price or the valuation estimated for awarding compensation in respect of sales, leases and awards during the period of fifteen years shall be added together and the total amount is arrived at. Then the total area in square metre of all the lands so sold, leased or acquired shall be added together. The average value of land per square metre shall then be arrived at by dividing such total amount in rupees by the total area in square metres.(b)The amount of sale price, estimated price or compensation in respect of sales, leases and awards during each of fifteen years shall separately be added together and the total amount found out and the total area in square metres of all the lands sold, leased or acquired, during each of the fifteen years, shall be calculated separately. The average value of land per square metre in respect of each such year shall then be arrived at by dividing such total amount in rupees in respect of that year by the total area in square metres so calculated for that year. Thereafter, on the basis of average value for each of the years, the arrived at as under. -X - Total amount arrived at by adding the yearly average values in respect of all the years to which the instances of sale, lease and acquisition pertain.Y - Number of year for which the information regarding sale, lease and acquisition has been complied.X-Y - Average value of land per square metre.Out of the two averages referred in clauses (a), (b) the average which is lower shall be taken to be the average market value of the land.
