How to determine Market value of any land in West Bengal

the State of West Bengal

Under West Bengal Stamp (Prevention of Undervaluation of Instruments) Rules 2001

3. Manner of determination of market value and furnishing of particulars relating to any property. – (1) The market value within the meaning of clause [16(B)] of section 2 in relation to any land or any land with building shall, after taking into consideration the particulars referred to in sub rule (2), be determined on the basis of the highest price for which sale of any land or any land with building, of similar nature and area and in the same locality or in a comparable locality, has been negotiated and settled during the five consecutive years immediately proceeding the date of execution of any instrument setting forth such market value, or on the basis of any court decision after hearing the State Government, or on the basis of information, report or record that may be available from any court or any officer or authority of the Central Government or the State Government or any local authority or local body, or on the basis of consideration stated in such instrument for such land or land with building, whichever is greater.

(2) Any person executing an instrument of agreement or memorandum of an agreement relating to a sale or lease-cum-sale of immovable property, conveyance, exchange of property, gift, partition, power-of-attorney where proper stamp duty is payable on the basis of market value, settlement, transfer of lease by way of assignment, shall furnish to the registering officer, in addition to the particulars referred to in sub-section (1) and sub-section (2) of section 27, such particulars in respect of the property as may be applicable to that property and as specified in a statement in Form I, in case the land with building is situated in an urban area, in Form II, in case the land with building is situated in a rural area, in Form III, in case the land is situated in urban area, in Form IV, in case the land is situated in rural area.

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