The value of land plots and houses in Odisha may see an upswing in coming days as the Board of Revenue has sought proposal for biennial revision of benchmark value (BMV) of immovable property of the State government for 2022-2024.
In a letter to district administrative heads and district-level valuation committees, the Inspector General of Registration, Jyoti Prakash Dash has directed the officials to revise the set of market value by re-visiting the previously set of market values of immovable properties of all villages.
“You were requested to take steps to revise the set of market value by re-visiting the previously set of market values of immovable properties of all villages under your jurisdiction by following due procedure of rules and determination of the same after reconstitution of DLVC and SDLV Committees under Rule -37 of Odisha Stamp (Amendment) Rules, 2001 as amended till date," the notification said.
The order further instructed the officials to send the revised set of market values to the Member, Board of Revenue, Odisha, Cuttack for approval
The government has said that the revision was made for the year, 2021-2022 which was to be implemented w.e.f. 01.04.2021, to prevent any possible leakage of Government revenues in shape of Stamp Duty and Registration fees.
Since the R&DM Department in its letter dated 20.10.2020 has issued instructions to all concerned that in order to give relief the registrant public during the economic crisis arising out of extraordinary situation of COVID19 pandemic, the market values of immovable properties of all districts (except Khordha and Bargarh) of the previous financial year (2019-2020) as on 31stMarch, 2020 shall remain in force till the end of current financial year (2020-2021). i.e. 31stMarch 2021.
But the enhancement of market values of immovable properties of Khordha and Baragarh districts have already been hiked at the rate of 10 % w.e.f. 01.04.2020 and 13.05.2020 respectively.
In these two districts, the pre-revised rate of market value of immovable properties i.e. the rate as on 31st March 2020 shall be applicable prospectively from the date of issue of the above Government letter till 31 March, 2021.
"The government in its letter dated 05.05.2021 has extended the restriction of the revision of BMV till the end of current financial year (2021-2022) i.e. 31st March, 2022 due to 2nd wave of COVID-19 pandemic.”
As the matter is pending for further course of action at the District-level/Sub-District (Tehsil) level Valuation Committee up to the year ending by 31st March, 2022, the government has asked the officials to take immediate steps for constitution of DLVC / SDLVC for assessment / fixation of set of market values of immovable properties of all villages/townships under respective jurisdictions.