45B. [ Constitution of Central Valuation Committee. [Sub-sections (1) to (3) substituted by Act 8 of 2003 w.e.f. 1.4.2003] - (1) The State Government shall by notification, constitute a Central Valuation Committee, under the chairmanship of Inspector General of Registration and Commissioner of Stamps, for estimation, publication and revision of market value guidelines of properties in any area in the State at such intervals and in such manner as may be prescribed, for the purpose of section 45-A.
(2)The Central Valuation Committee is the final authority for the formulation of policy, methodology and administration of the market value guidelines in the State and may for the said purpose constitute market valuation sub-committees in each sub-district and district comprising of such members as may be prescribed, for estimation and revision of the market value guidelines in the State.(3)Sub-committees so constituted shall function under the Central Valuation Committee and shall follows such procedures as may be prescribed and shall be subject to reconstitution whenever found necessary.]
