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2016 (11) TMI 81 - HC - Indian LawsDetermination of the “Market Value” of an immovable property based on “Proposed Land Use” - whether information obtained by the Registering Officer on the basis of the details provided by the applicant in the appropriate form mentioned in Appendix V of the West Bengal Registration Rules, can mandatorily include such information required to be provided under the column specifically relating to “Proposed Land Use”? - Held that:- The rate per square feet of market value of any flat or structure for residential use shall be determined on the basis of the highest rate on which such flat or structure of similar nature in the same locality or a comparable locality has been transacted during the five consecutive years immediately preceding the year of preparation of annual statement of rate of such flat or structure. While determining the rate per square feet of market value of any flat or structure for commercial use or semi-commercial use, the rate per square feet of market value of flat or structure for residential use in the same locality shall be appreciated following the same methodology as elucidated in clause (13) under Rule 3B. Thus, following the scheme of the Rules as introduced by the 2010 amendment of the West Bengal Stamp (Prevention of Undervaluation of Instruments) Rules, 2001, this Court is of the view that there cannot be an indefinite period of time attached to the details as required to be filled-up under the column “Proposed Land Use” and it is imperative to attach a time frame to the details to be filled-up under the said column. Such time frame should be in sync with the scheme of Rules 3A, 3B, 3C, 3D and 3E and ideally, five years. The concerned authority of the State of West Bengal is directed to incorporate such time frame in the column, “Proposed Land Use”, accordingly. Such incorporation shall be carried out as expeditiously as possible, preferably within a period of eight weeks, but not later than twelve weeks from date of communication of a photostat certified copy of the order.
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