Determination of market value of land by Collector.

(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) as amended for the State of Mizoram for the registration of sale deeds or agreement to sell, as the case may be, in the area where land is situated; or (b) in absence of the value of land fixed as provided under clause (a), the average sale price for land situated within the same land-grading notified latest by the Government in the Land Revenue & Settlement Department for assessment of land revenue from time to time shall be taken into consideration; or (c) the average sale price for similar type of land situated in the nearest village or nearest vicinity area; or (d) consented amount of compensation as agreed upon under sub-section (2) of section 3 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. Provided further that the value of land claimed to have been held by any person other than ‘person interested’ under clause (v) of Section 2 shall not be assessed for payment of compensation, or cost of the land in case of purchase through negotiation, and such illegal occupant may be considered as ‘landless’ for the purpose of rehabilitation and resettlement if he is a person belonging to Below Poverty Line. Explanation I.— The average sale price referred to in clause (c) shall be determined taking into account the sale deeds or the agreements to sell registered for similar type of area in the near village or near vicinity area during immediately preceding three years of the year in which such acquisition of land is proposed to be made. Explanation 2.— For determining the average sale price referred to in Explanation I, one-half of the total number of sale deeds or the agreements to sell in which the highest sale price has been mentioned shall be taken into account. Explanation 3.—While determining the market value under this section and the average sale price referred to in Explanation 1 or Explanation 2, any price paid as compensation for land acquired under the provisions of this Act on an earlier occasion in the district shall not be taken into consideration. Explanation 4.— While determining the market value under this section and the average sale price referred to in Explanation 1 or Explanation 2, any price paid, which in the opinion of the Collector is not indicative of actual prevailing market value may be discounted for the purposes of calculating market value. (2) Where the market value under sub-section (1) cannot be determined for the reason that — (a) the land is situated in such area where the transactions in land are restricted by or under any other law for the time being in force in that area; or (b) the registered sale deeds or agreements to sell as mentioned in clause (a) of sub-section (1) for similar land are not available for the immediately preceding three years; or (c) the market value has not been specified under the Indian Stamp Act, 1899 (2 of 1899) by the appropriate authority; or (d) the land grading for revenue collection on the area where the acquired land situates is not available, The Collector shall take into account the connectivity, distance from the road, gradient and topography of the land to be acquired, vicinity from the main commercial and residential area, climatic conditions, availability of water and power supply and other civic amenities. (3) The market value of lands acquired under the Land Acquisition Act, 1894 and its subsequent enhancements thereof (if any) under Section 18 of the Land Acquisition Act, 1894 shall not be cited as a precedent. (4) The market value of the land fixed for acquiring lands for poles used for electricity/tele-communication etc. shall not be cited as a precedent. Provided that in a case where the Requiring Body offers its shares to the owners of the lands (whose lands have been acquired) as a part of compensation, for acquisition of land, such shares in no case shall exceed twenty-five per cent, of the value so calculated under sub- section (1) or sub-section (2) as the case may be: Provided further that the Collector shall, before initiation of any land acquisition proceedings in any area, take all necessary steps to revise and update the market value of the land on the basis of the prevalent market rate in that area: Provided also that the Government shall ensure that the market value determined for acquisition of any land or property of an educational institution established and administered by a religious or linguistic minority shall be such as would not restrict or abrogate the right to establish and administer educational institutions of their choice.