Determination of market value of land by Collector

Determination of market value of land by Collector.—

1. (1) The Collector shall adopt the following criteria in assessing and determining the market value of the land, namely:—
   • (a) the market value, if any, specified in the Indian Stamp Act, 1899 (2 of 1899) for the registration of sale deeds or agreements to sell, as the case may be, in the area, where the land is situated; or
   • (b) the average sale price for similar type of land situated in the nearest village or nearest vicinity area; or
   • (c) consented amount of compensation as agreed upon under sub-section
2. (2) of section 2 in case of acquisition of lands for private companies or for public private partnership projects, whichever is higher: Provided that the date for determination of market value shall be the date on which the notification has been issued under section 11.
3. (2) The average sale price referred to in clause
   • (b) of sub-section
4. (1) shall be determined taking into account the sale deeds or the agreements to sell registered for similar type of land in the area of interest during the immediately preceding three years of the year in which such acquisition of land is proposed to be made.
5. (3) For the purpose of determination of average sale price referred to in sub-section (2), one-half of the total number of the sale deeds or the agreements to sell in which the highest compensation has been mentioned shall be taken into account.
6. (4) The Collector shall exclude the instances where the compensation is not in line with the market value of the land, for the purpose of determining the average price.
7. (5) In calculating the market value where the land is situated in any area, instead of the market value as specified in sub-section (1), the Collector shall take into account, the higher value of land specified in the Stamp Act, for the registration of sale deeds or agreements to sell, if available, for similar type of land situated in the immediate adjoining area.
8. (6) In determining the market value under this section, the Collector shall be guided by the parameters set out in sections 27 and 28.