Standard price of immovable property

(1) The standard price of any property referred to in section 4 shall be the price which such property in the condition in which it is at the time of the transfer would have fetched at the market value prevailing on the notified date: Provided as follows:- (a) if the property consists of land on which a new building has been constructed after the notified date, the standard price of such property shall be the aggregate of the value which the land would have fetched at the market value prevailing on the notified date and the actual cost of construction of the new building plus a sum of fifteen per cent on such cost of construction; (b) if the property consists of land on which a building constructed before the notified date has been reconstructed after that date, the standard price of such property shall be the aggregate of the value which the land and the reconstructed building would have fetched at the market value prevailing on the notified date plus a sum of fifteen per cent on the actual cost of reconstruction. Explanation— (1) For the purposes of this Act,- (a) ‘building’ includes a house, outhouse, stable, latrine, shed, hut, wall, and any such structure, whether of masonry, bricks, wood, mud, metal or any other material whatever; and (b) ‘reconstruction’ in relation to a building includes— (i) the re-erection wholly or partially of a building after more than half of its cubical contents has been taken down or burnt down, or has fallen down whether at one time or not; (ii) the re-erection wholly or partially of any building of which an outer wall has been taken down or burnt down or has fallen down to, or within ten feet of, the ground adjoining the lowest storey of the building, and of any framework of a building which has so far been taken down or burnt down or has fallen down as to leave only the framework of the lowest storey; (iii) the conversion into a dwelling-house or a place of public worship of any building not originally constructed for human habitation or for public worship, as the case may be, or the conversion into more than one dwelling-house of a building originally constructed as one dwelling house only or the conversion of a dwelling-house into a factory; (iv) the re-conversion into a dwelling-house or a place of public worship or a factory of any building which has been discontinued as, or appropriated for any purpose other than, a dwelling-house or a place of public worship or a factory, as the case may be, and ‘reconstructed’ shall be construed accordingly. (2) The Government may authorize any officer subordinate to them to maintain a register of new and reconstructed buildings. (3) In the case of every new or reconstructed building, the officer aforesaid shall, after giving notice to the owner and after making such inquiry as he deems necessary, enter in the register the date of completion of the construction or reconstruction, as the case may be, of the building and the cost of such construction or reconstruction and forward to the owner an extract of the entries so made. (4) Any owner aggrieved by the entries in the register may, within fifteen days of the receipt of the extract, file an appeal to the District Collector for having the entries corrected. (5) The entries in the register made by the officer aforesaid shall be binding and conclusive subject only to the result of any appeal filed under sub-section (4).