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Property Value Revision Halts

Odisha Government has decided to keep in abeyance the upward revision of market value of immovable properties till end of current financial year.

Such decision of Revenue and Disaster Management Department will give relief to the registrant public during economic crisis arising out of extraordinary situation of Covid-19 pandemic.

Bishnupada Sethi, Principal Secretary Revenue and Disaster Management directed officials to issue notification accordingly.

R&DM Department has issued specific instructions to all the District Collectors who are also Chairpersons of District Valuation Committees (DVC).

It is pertinent to mention here that in a high level meeting chaired by Chief Secretary AsitTripathy recently, the extraordinary situation of economic crisis arising out of Covid-19 pandemic was discussed in detail.
 
In the said meeting Mr. Sethi, Principal Secretary of R&DM Dept. proposed to keep the upward revision of market value of immoveable properties in abeyance for one year to give relief to the registrant public.

After threadbare discussion it was decided to keep in abeyance the upward revision of market value of immovable properties up to 31 March, 2021 in view of suspension in economic activities.

The decision taken in the high level committee was placed before government for appropriate approval and in the meantime as a matter of principle State Government took conscious decision to keep in abeyance the upward revision of market value of immovable properties up to 31 March 2021.

R&DM Department has instructed appropriate quarters to obey the government orders in this regard.

It is pertinent to mention here that ordinarily in every two years the market value of the immovable properties is reassessed in Odisha.

For the biennial revision of the cost of immovable properties, District Valuation Committees (DVC) are formed under the Chairmanship of concerned District Collectors.

As per the practice in vogue Collectors are empowered to enhance 10 per cent of the market value of immovable landed properties in every two years in consolation with district valuation committee (DVC).

However because of anomaly in implementation of revised market value of different types of buildings registering authorities are facing problems. Ordinarily engineers of R&B organizations are entrusted for valuation of such building.

Keeping such problem in view it has been decided that IGR should consult the professional valuers , surveyors and other stake holders in order to make the system easier regarding fixation of market value of immovable properties so as to rationalize the market value and maintain a vibrant economy.

It has been further decided that biennial revision of immovable properties in the all the district should be uniformed and implemented from 1 April.

The DVC is required to send the determine market value of immovable properties to the IGR in the 1st week of March for approval of Member Board of Revenue.

Inspector General Registration (IGR) is also instructed to furnish detailed proposal on valuation of buildings in consultation with Chief Engineer R&B and charging of GST during sale of building after examining the prevalent Rules and instructions.
 
 


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