Notification of classification of vacant lands and buildings into colonies and groups and specification of base unit area values therefore and factors for increase or decrease.

(1) The Corporation shall, having regard to the recommendations of the Municipal Valuation Committee, declare its intention to classify vacant lands and buildings in each ward into such colonies and groups of lands and buildings as the Corporation may, by public notice, specify, and shall also specify in such public notice the base value it proposes to specify per unit area of vacant land and per unit area of covered space of building within each such group and also the factors for increasing or decreasing, or for not increasing or decreasing, the base unit area values of vacant lands and buildings referred to in clause (b) of sub-section (2) of section 116A. (2) The Corporation shall, on receipt of any representation from any group in any colony affected by such classification of lands or buildings into any group or specification of the base unit area values of vacant lands or covered space of buildings within such groups, and the factors for increasing or decreasing, or for not increasing or decreasing, such unit area values of vacant lands or covered space of buildings, refer such representation to the Municipal Valuation Committee for reconsideration, and the decision of the Municipal Valuation Committee thereon shall, subject to the provisions of section 116K, be binding on the Corporation.