MADHYA PRADESH PREPARATION AND REVISION OF MARKET VALUE GUIDELINES RULES, 2018

PREAMBLE

In exercise of the powers conferred by Section 2(16) C, Section 75 of the Indian Stamp Act, 1899 (No. II of 1899) read with Notification No. 16638-227-XXI-A- dated 23/10/2017 and all other powers enabling in that behalf and in supersession of this department's Notification No. (60) B-4-4-2000-CTD-V dated the 31st July, 2000 with all the subsequent amendments made there to the State Government hereby makes the following rules, namely:-

Rule - 1. Short title and commencement.

(1)     The rules may be called the Madhya Pradesh Preparation and Revision of Market Value Guidelines Rules, 2018.

(2)     They shall come into force from the date of their publication in the Madhya Pradesh Gazette.

Rule - 2. Definitions.

In these rules, unless the context otherwise requires,-

(a)      "Act" means the Indian Stamp Act, 1899 (Act II of 1899) as applicable to the State of Madhya Pradesh;

 

(b)      "Board" means a Board constituted under these rules;

 

(c)      "Committee" means a committee constituted under these rules;

 

(d)      "Market Value Guidelines" means defined in section 2(16)c of the Act.

 

(e)      "Registering Officer" means the registering officer appointed under the Registration Act, 1908 (No. XVI of 1908).

 

(f)       "SAMPADA or "the Stamps And Management of Property and Documents Application" means the computerized and web enabled system of e-stamping and registering documents electronically in the State accessible to Licensed Service Providers or Users authorized under the relevant rules or orders issued by the State Government or the Inspector General of Registration from time to time.

Rule - 3. Constitution of Central Valuation Board and its functions.

(1)     The Central Valuation Board shall consist of-

(2)     The Board shall perform the following function. -

(a)      Receive information/data of property transactions entered by the District Valuation Committee alongwith the provisional rates for analysis and final approval.

 

(b)      Determine norms/sub clause for fixation of market values in respect of valuation of lands, buildings and various kinds of interests in the immovable property.

 

(c)      May fix rates for different categories of construction etc., which may be different for different areas.

Rule - 4. Constitution of District Valuation Committee and Sub-District Valuation Committee and their Functions.

(1)     District Valuation Committee shall consist of:-

(2)     The District Valuation Committee shall perform the following functions, namely:

(a)      collect information on property values and property trends which would be compiled in the form of primary data along with the existing data.

 

(b)      analyze the proposed values in the Formats received in the manner prescribed by Inspector General of registration which includes SAMPADA along with other information received from the Sub-District Valuation Committee and the information collected in respect to construction rates, actual rates of the properties etc. compiled in the form of primary data and to fix the provisional values.

 

(c)      notify the provisional values in the manner prescribed by the Inspector General of registration which includes SAMPADA and to invite the suggestions of the public thereon and to consider them.

 

(d)      send the provisional values for approval of Central Valuation Board and to issue the market value guidelines for different areas on approval.

 

(3)     The Sub-District Valuation Committee shall consist of-

(4)     The Sub-District Valuation Committee shall perform the following functions, namely:-

(a)      Collect and compile data pertaining to property values. For this purpose the data of average value on the basis of documents registered in the Sub-Registrar Office, shall be taken into consideration. In the absence of any sale transaction during that period, either sale instances of comparable land/property would be taken as the basis or the price may be increased as per price index. The information regarding the prevalent market value of the property may be provided by patwaries through Tahsildars. The other information like cost of construction, official sales, auction sale etc. would be collected by the Committee from the concerned offices.

(b)      Analyse the data collected and to propose the values in the prescribed input forms and forward the same in the manner prescribed by the Inspector General of Registration which includes "SAMPADA" to the respective District Valuation Committee along with all the data and information collected.

Rule - 5. Periodicity of Revision.

The market value guidelines under these rules shall be revised annually from 1st April.

Rule - 6. Procedure to prepare Market Value Guideline.

While working out the values of immovable property, the committees shall take into account the following facts :-

(1)     The case of lands:-

(a)      classification of land as unirrigated or irrigated, diverted or Non-Diverted and the like;

 

(b)      classification under various categories in the settlements register;

 

(c)      the rate of revenue assessments for each classification;

 

(d)      other factors which influence the valuation of the land in question;

 

(e)      points, if any, mentioned by the parties to the instrument or any other person which required special consideration.

 

(f)       value of adjacent land or lands in vicinity;

 

(g)      average yield from the land, proximity to road and market, distance from village site, level of land transport facilities, facilities available for irrigation in any form;

 

(h)     the nature of Crops raised on the land;

 

(i)       use of land as residential, commercial or industrial,

 

(j)       the relative position of urban area and investment area or development of the town.

 

(2)     In case of house sites:-

(a)      The general value of house sites in locality;

 

(b)      Proximity to roads, railway stations, bus routes,

 

(c)      Proximity to market, shop and the like ;

 

(d)      Amenities available in the place like, Public Offices, Hospitals and Educational Institutes,

 

(e)      Development activities, industrial improvements in the vicinity;

 

(f)       Any special feature having a special bearing on the valuation of the site; and

 

(g)      Commercialisation of home location and affiliation of these with reserved area by master plan or town and country planning.

 

(3)     In case of buildings:-

(a)      type and structure,

 

(b)      locality in which constructed,

 

(c)      plinth area,

 

(d)      year of construction,

 

(e)      kind of material used,

 

(f)       rate of Depreciation,

 

(g)      fluctuation in rates,

 

(h)     Any special feature having a special bearing on the valuation of the site;

 

(i)       The purpose for which the building is being used, and the income, if any, by way of rent per annum secured on the building; and

 

(j)       Relative position and reputation of the area where the building is located.

 

(4)     Other factors which the Committee considers necessary.

Rule - 7. Formats.

The Formats for the Rates/Market Value pertaining to different categories of plots, lands and constructions etc. shall be as prescribed by the Inspector General of Registration and shall be prepared as prescribed by Inspector General of Registration which includes SAMPADA.

Rule - 8. Supply of Market Value Guidelines.

The Market value guideline prepared as per rules 6 and 7, shall be made available to each Registering officer and the general public by the convener of the District Valuation Committee in the manner prescribed by Inspector General of Registration which includes SAMPADA. The list of Market Value Guideline shall be referred by registering officer for market value presented for registration of the documents.

Rule - 9. Powers for Special Revision.

(1)     Notwithstanding anything contained in these rules, the Inspector General of Registration and Superintendent of Stamps may order of a special revision of Market Value Guidelines in any specified area under the following circumstances leading to a sudden appreciation of land values-

 

(a)      Setting up of an industry or a group of industries of infrastructure projects;

 

(b)      Development of large scale housing projects;

 

(c)      Any other special circumstances having an impact on the values of immovable property in any specified area.

 

(2)     The cases which are covered under sub-rule (1), the committee constituted under sub-rule (1) of Rule 4 shall take up the revision of Market Value Guideline within the time limit stipulated by the Inspector General of Registration and Superintendent of Stamps.

 

(3)     Such revised value shall be implemented from the date to be fixed by the Inspector General of Registration and Superintendent of Stamps.

Rule - 10. Summons to the public, public officers and recording statement by the committee.

The committee constituted under Rule 4, after serving of the notice if it thinks fit to do so, record the statement of the person and for the purpose of enquiry-

(a)      may call any information of record from any public office or officer or Authority under the State Government of any local authority;

 

(b)      record statement from any member of the public office or authority under the State Government or any local authority;

 

(c)      may call the parties to be present on the date specified in the notice and on such other date as may be fixed by it.

Rule - 11. The Authority competent for rectification of anomalies.

If any representation is received from any parties aggrieved by the rates shown in the Market Value Guideline or if any officer of the department notice anomaly, the issue shall be referred to the committee specified in sub-rule (1) of Rule 4 and such committee shall send proposals to the Inspector General of Registration for rectifying the anomaly by revision. After examining the proposal, the Inspector General of Registration may issue appropriate instructions.

Rule - 12. General Control and Supervision.

It shall be competent for the Inspector General to issue such administrative instructions of general nature as may be required from time to time for the effective implementation of these rules.