58. Procedure for assessment of the market value of the property by the Registering Officer.
- [(1) In the case of an instrument relating to immovable property, the market value of land shall be assessed as under, namely :-(a)in case of an agriculture, residential and commercial categories of Land, on the basis of the rates recommended by the District Level Committee constituted under clause (b) of sub-rule (1) of Rule 2.Provided that Inspector General of Stamps may revise the rates of agriculture, residential or commercial land determined by District Level Committee with prior approval of the State Government by notification published in the Official Gazette, if circumstances to require;(b)in case of other categories of land, on the basis of the rates determined by Inspector General of Stamps with approval of State Government or determined by State Government by Notification published in the Official Gazette;(c)in case of constructed portion, on the basis of the rates determined by State Government;(d)in case of proportionate land under the multistoried buildings on the basis of criteria specified by the State Government;(e)while assessing market value, depreciation on the constructed portion shall be allowed according to the criteria specified by the State Government; and(f)in case of corner plots on the basis of criteria specified by the State Government.(2)Inspector General of Stamps with approval of State Government shall prepare guidelines for District Level Committee, from time to time, in respect of determination of market value of the agriculture, residential and commercial categories of land. The District Level Committee while recommending the rates of agriculture, residential and commercial categories of land, shall follow the guidelines issued by Inspector General of Stamp:Provided that if the rates recommended by the District Level Committee are increased by more than fifty percent of the existing rates, the increased rates so recommended shall be taken into consideration only after the approval of the Inspector General of Stamps.] [Substituted by Notification No. S.O. 297, dated 9.3.2015 (w.e.f. 11.6.2004).]
