(2)Where the provisions of sub-section (1) are not applicable for the reason that:—(i)the land is situated in such area where the transactions in land are restricted by or under any other law for the time being in force in that area; or(ii)the registered sale deeds for similar land as mentioned in clause (i) of sub-section (1) are not available for the preceding three years; or(iii)the minimum land value has not been specified under the Indian Stamp Act, 1899 (2 of 1899) by the appropriate authority,the concerned State Government shall specify the floor price per unit area of the said land based on the average higher prices paid for similar type of land situated in the adjoining areas or vicinity, ascertained from not less than fifty per cent. of the sale deeds registered during the preceding three years where higher price has been paid, and the competent authority may calculate the value of the land accordingly.
