Section 3(2) in U.P. Stamp (Valuation of Property) (Third Amendment) Rules, 2015
(2)The Collector of the district may, suo motu or on an application made to him in this behalf, on being satisfied about the incorrectness of the minimum value of land or per square metre rate of construction of non-commercial or single unit shops and commercial establishments and the minimum value of carpet area per square metre in case of shops and commercial establishments situated in buildings other than single unit commercial buildings fixed by him under sub-rule (1), for reasons to be recorded in writing, revise the same within a period of one year from the date of fixation of minimum value, as the case may be.Explanation. - (1) The revision in the rates of immovable property does not only mean to increase the rates but also to reduce the rates if fixed more than the rates prevailing in such locality.
