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.
(3) Such a statement shall be signed and verified by the person executing the instruments referred to in sub-rule (2), and presenting it before a registering officer for registration.
(4) A statement shall, after being signed and verified as required by sub-rule (3), be annexed in duplicate, to the instrument referred to in sub-rule (2), which is, upon execution, presented before the registering officer for registration.
(5) If an instrument referred to in sub-rule (2) relates to more than one item of property, the statement referred to in sub-rule (2) shall be furnished by the person executing such instrument for each item of property separately in Form I, Form II, Form III or Form IV, as the case may be.
(6) If, in relation to any property which is the subject-matter of registration of any instrument referred to in sub-rule (2), the market value is not set forth therein, and if the facts and circumstances affecting the chargeability of an instrument with stamp duty and the particulars relating to such facts and circumstances are not fully and truly set forth and furnished in a statement referred to in sub-rule (3), filled in, signed and verified by the person executing the instrument in the manner referred to in sub-rule (4), the registering officer may refuse registration of such instrument after giving such person a reasonable opportunity of being heard.
(7) On receipt of any instrument referred to in sub-rule (2) in relation to a property together with the statement in Form I, Form II, Form III or Form IV, as the case may be, annexed thereto, if the registering officer has reason to believe that the market value of the property has not been truly set forth in such instrument, he may make such enquiries and take into account such court decision, information, report or record from any court or any officer or authority of the Central Government or the State Government or any local authority or local body or any person having knowledge relating to market value of the property of similar nature and area, and situated in the same locality or in a comparable locality as he deems fit for ascertaining the market value of the property and proper stamp duty chargeable.
(8) On the basis of enquiries, court decision, information, report or records referred to in sub-rule (7), as the case may be, the registering officer shall ascertain the market value of the property and shall pass an order in writing to that effect in Form I, Form II, Form III or Form IV, as the case may be. and if he finds that the market value of the property is more than that has been set forth in the instrument referred to in sub-rule (2), he shall keep the registration of the document in abeyance and shall issue notice in Form V communicating the person by whom the stamp duty is payable under section 29, or his authorised agent, or authorised advocate the amount which he believes to be the market value of such property and calling upon him to make payment of the deficit amount of stamp duty within the period of thirty days from the date of receipt of such notice. The registering officer shall record the particulars of such documents in Form VA.
(9) If the person by whom the stamp duty is payable under section 29, or his authorised agent, or authorised advocate to whom the market value has been communicated under sub-rule (8), offers to pay the deficit amount of stamp duty, if any, he shall deposit it into a Government Treasury on appropriate head of Account under appropriate challan, obtainable at any office of the registering officer, or any Government Treasury, after it is countersigned by the registering officer concerned or shall pay it by a bank draft drawn on any agency bank in favour of the concerned registering officer before whom such instrument was presented for reiteration.
(10) The challan as aforesaid shall be filled up in quadruplicate and shall contain the name and address of the person on whose behalf stamp duty is deposited and the particulars of the instrument. On deposit of the amount, the duplicate copy of the challan shall be retained by the Government Treasury, the triplicate copy shall be sent to the registering officer and the other two copies shall be returned to the depositor duly signed as proof of payment.
(11) On receipt of the challan or bank draft, as the case may be, as proof of payment of the deficit amount of stamp duty, the registering officer shall, within ten days from the date of receipt of the said challan or bank draft, as the case may be, certify, by recording in such instrument that the proper stamp duty with which such instrument is chargeable, has been paid and register the instrument.
Provided that the provisions of sub-rule (1) to sub-rule (11) of this rule, shall not be applicable in case an instrument is registered through the system of Computerization of Registration of Documents (CORD) software.
3A. Manner of determination of market value when instrument is registered through the system of CORD. – When an instrument is registered through the system of CORD, the market value within the meaning of clause 16(B) of section 2 in relation to any land or any land with building or any flat used for residential or commercial or semi-commercial purpose, shall be determined in accordance with the provisions of rules 3B to 3E.
3B. Guidelines for preparation of annual statement of market value of immovable property :
(1) Every registering officer shall prepare annual statement of rates of immovable property showing-
(a) the rate per decimal, in case of land;
(b) the rate per sq.ft., in case of buildings or any other structure;
(c) the rate per sq.ft., in case of flat used for residential or commercial or semi-commercial purpose.
(2) For the purpose of preparation of the annual statement of rates of land referred to in clause (a) of sub-rule (1), the registering officer shall prepare the rate of land-
(a) in case of land situated within the jurisdiction of the Panchayat area, in respect of Dag No. of each mouja;
(b) in case of land situated within the jurisdiction of any municipal area except the municipal corporation area, the Kolkata Municipal Corporation and the Howrah Municipal Corporation, in respect of Dag No. of each mouja or ward wise or road wise after demarcating the roads in zones;
(c) in case of land situated within the jurisdiction of any notified authority or area or Development authority, in respect of sector/ block/phase wise or plot wise;
(d) in case of land situated within the jurisdiction of the municipal corporation area other than the Kolkata Municipal Corporation and the Howrah Municipal Corporation area, in respect of ward wise or road wise after demarcating the roads in zones;
(e) in case of land situated within the jurisdiction of the Kolkata Municipal Corporation or the Howrah Municipal Corporation, in respect of road wise or in respect of road wise after demarcating the roads in zones.
(3) For this purpose, land may be classified in groups, sub-groups or classes after taking into account the type of the land, location and situational advantages or disadvantages or use of land from the market value equivalency point of view of registrable property.
(4) The market value of land referred to in sub-rule (1) shall be prepared on the basis of market value of concerned land for which the said land has been transacted during the five consecutive years immediately preceding the year of preparation of annual statement of market value of immovable property. If such land has been transacted more than once, the highest value for which it has earlier been transacted shall be taken into consideration. The year-wise appreciation from the year of previous transaction to the year of preparation of the annual statement of rates of land shall he taken into consideration for the purpose of preparation of the annual statement of rates of land.
(5) The market value of land which has not been transacted during the five consecutive years immediately preceding the year of preparation of annual statement of rate of such land, shall be prepared on the basis of the highest value on which land of similar nature in the same locality or in a comparable locality has been transacted during the five consecutive years immediately preceding the year of preparation of annual statement of rates of land or on the basis of decision of any court 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 any authority of the Central Government or the State Government or any local authority or local body or on the basis of information collected through local enquiry, whichever is higher.
(6) If the land use of a particular land at the time of preparation of annual statement of market value of such land, has been changed from the previous land use, the rate of such land after appreciation or depreciation, as the case may be, shall be determined on the basis of such conversion ratio as may be decided by the Registering Officer with the approval of the District Registrar.
(7) If at the time of preparation of annual statement of market value of the land of a particular area which has since been changed to a developing area from an underdeveloped area, the rates of land within such area shall be appreciated at the rate to be determined by the Registering Officer with the approval of the District Registrar.
(8) If at the time of preparation of annual statement of market value of land occupied by a bargadar and recorded as such in the land records, the rates of such land shall be depreciated at the rate to be determined by the Registering Officer with the approval of the District Registrar subject to the condition that such land has not been transferred in favour of such bargadar.
(9) If land in Panchayat area is adjacent to metal road, the market value of such land shall be appreciated at the rate to be determined by the Registering Officer with the approval of the District Registrar.
(10) In case of land is situated in any municipal area, the municipal corporation area, the Kolkata Municipal Corporation area. the Howrah Municipal Corporation area or any notified authority area or an area in Development authority, the width of the approach road of a land shall be taken into consideration for appreciation/depreciation of the market value of such land at the rate to be determined by the Registering Officer with the approval of the District Registrar.
(11) For the purpose of preparation of the annual statement of rates of land with buildings referred to in clause (b) of sub-rule (1), the rate of the land shall be determined in accordance with the guidelines mentioned in sub-rule (2) to sub-rule (10) and the basic rate per sq.ft. of the buildings shall be determined by the Registering Officer, in consultation with the appropriate District Registrar, on the basis of the norms of the Public Works Department for the cost of construction of the building prevailing in the concerned area taking into consideration the type of construction, locality in which it is constructed, kind of materials used for wall and roof, and any other feature that have a bearing on the market value.
(12) For the purpose of preparation of the annual statement of rates of flat or any other structure referred to in clause (c) of sub-rule (1), the flats or other structures may be classified in residential, semi-commercial or commercial after taking into account the use of flats or other structure.
(13) The rate per sq.ft. of market value of any flat or structure for residential use shall be determined on the basis of the highest rate on which such flat or structure of similar nature in the same locality or a comparable locality has been transacted during the five consecutive years immediately preceding the year of preparation of annual statement of rate of such flat or structure. The year-wise appreciation from the year of previous transaction to the year of preparation of the annual statement of rates per sq.ft. of the flats or structures shall be taken into consideration for the purpose of preparation of the annual statement of rates of the flat or structure.
(14) The rate per sq.ft. of market value of any flat or structure for commercial use or semi-commercial use shall be determined by appreciating the rate per sq.ft. of market value of flat or structure for residential use in the same locality in accordance with the provisions of sub-rule (13) at such rate as may be decided by the Registering Officer in consultation with the appropriate District Registrar.
(15) The rate per sq.ft. of market value of car parking space of any flat or structure for residential use shall be determined by depreciating the rate per sq.ft. of market value of such flat or structure in accordance with the provisions of sub-rule (13) at such rate as may be decided by the Registering Officer in consultation with the appropriate District Registrar.
(16) The rate per sq.ft. of market value of the second floor or onwards of any flat or structure for residential use shall be determined by appreciating the rate per sq.ft. of market value of flat or structure for residential use in accordance with the provisions of sub-rule (13) at such rate as may be decided by the Registering Officer in consultation with the appropriate District Registrar.
(17) The rate per sq.ft. of market value of the flat or any structure with mosaic flooring or marble flooring or with other amenities like lift facility or facilities for roof garden, swimming pool, club, gymnasium etc. of the residential, semi-commercial or commercial flats or other structures shall be determined by appreciating the rate per sot of the flat or the structure at such rate as may be decided by the Registering Officer in consultation with the appropriate District Registrar.
(18) The rate per sq.ft. of market value of the residential, semi-commercial or commercial fiats or other structures situated in a special project, shall be determined separately by the Registering Officer in consultation with the appropriate District Registrar considering all the amenities provided in such special project.
3C.Principles for determination of the market value of immovable property:
(1) In determining the market value of a land in any locality, the quantum of land to be transferred shall be multiplied with the rate of per decimal of market value of land in that locality as determined in accordance with the provisions of rule 3B.
(2) In determining the market value of a flat, the flat shall be considered to be completed even if the registering public claims that the flat is incomplete at the time of registration. The super built-up area in sq.ft. to be transferred shall be multiplied with the rate per sq.ft. of market value of a flat for residential, commercial or semi-commercial use as determined in accordance with the provisions of rule 3B.
(3) In determining the market value of land with building or structure, the quantum of land to be transferred shall be multiplied with the rate of per decimal of market value of land in that locality as determined in accordance with the provisions of rule 3B and the total area of building or structure to be transferred shall be multiplied with the rate of per sq.ft. of market value of building or structure as determined in accordance with the provisions of rule 3B. The market value of land and the market value of the building or structure shall be determined separately hereinabove and both the value shall be taken together.
(4) In determining the market value of a roof right in respect of any land with building or any flat for residential use, the principles shall be-
(a) in case of land with building, the market value of the proportionate share of quantum of land on which such roof right is claimed plus such per centum of the cost of construction of the building as may be decided by the Registering Officer in consultation with the appropriate District Registrar;
(b) in case of any flat for residential use, such per centum of the rate per sq.ft. of market value of the flat for residential use as may be decided by the Registering Officer in consultation with the appropriate District Registrar.
(5) In determining the market value of an old building or structure in respect of any land with old building or structure in a particular area, the quantum of land to be transferred shall be multiplied with the rate of per decimal of market value of land in that locality as determined in accordance with the provisions of rule 3B and the market value of such old building or structure shall be depreciated at such rate considering the age of the old building or structure as may be determined by the Inspector General of Registration and Commissioner of Stamp Revenue, West Bengal, in consultation with the appropriate District Registrar and communicated to all the registering officers.
(6) In determining the market value of an old flat for residential, commercial or semi-commercial use in a particular area, the market value of such flat in that area as may be determined in accordance with the provisions of rule 3B shall be depreciated at such rate considering the age of the old building or structure as may be determined by the Inspector General of Registration and Commissioner of Stamp Revenue, West Bengal, in consultation with the appropriate District Registrar and communicated to all the registering officers.
(7) In determining the market value of larger plot in any area in West Bengal, the depreciation in the land value may be allowed considering the quantum of land at such rate as may be determined by the Inspector General of Registration and Commissioner of Stamp Revenue, West Bengal, in consultation with the appropriate District Registrar and communicated to all the registering officers.
Under West Bengal Stamp (Prevention of Undervaluation of Instruments) Rules 2001
