Section 138(1) in The M.P. Municipal Corporation Act, 1956
(1)Notwithstanding anything contained in this Act or any other law for the time being in force, the annual letting value of any building or land, whether revenue paying or not, shall be determined as per the resolution of the Corporation adopted in this behalf, [on the basis of per square meter of the [built up area] of a building or land, as the case may be] taking into consideration the area in which the building or land is situated, its location, situation, purpose for which it is used, its capacity for profitable user, quality of construction of the building and other relevant factors and subject to such rules, as may be made by the State Government in this behalf.[(1-a) The Commissioner shall prepare the draft resolution under sub-section (1) for the next financial year and submit before the Corporation before 31st December of each financial year. In case the Corporation fails to adopt the resolution as required by sub-section (1) by 31st March of each financial year then the draft resolution prepared by the Commissioner shall be presented to the Mayor and the resolution as approved by the Mayor shall be deemed to be the resolution finally adopted by the Corporation ;Provided that if the Mayor does not approve the draft resolution prepared by the Commissioner by 30th April of the current financial year, then the draft resolution as prepared by the Commissioner shall be deemed to be the resolution finally adopted by the Corporation.] [Inserted by M.P. Act No. 29 of 2003.]
