The Hindu Business Line : `Value property scientifically'

MANGALORE: The Kanara Chamber of Commerce and Industry (KCCI) has urged the Sub-Registrar of Mangalore, who is also the secretary of the valuation sub-committee for Mangalore city, to fix value for properties in Mangalore city on a scientific basis.

A press release by the KCCI President, Mr R.D. Kini, has said that the valuation prepared by the sub-committee would be adopted in the self-assessment scheme (SAS) of property taxes.

Stating that the valuation report, which was published by the sub-committee recently, will affect the citizens of Mangalore, the release said the committee should revalue the properties rationally.

Valuation of properties in some of the roads will be difficult, as the report has not mentioned those roads. Valuing those roads on the basis of the nearest road will be unscientific and can give scope for manipulation, it said.

Roads are not properly marked on the map of Mangalore city. Unless the roads are identified on a map, it will be difficult to fix a logical and rational value for the property at the location.

Suggesting the need for the preparation of an integrated road map of the city, the release said that all the major roads should be subdivided into stages depending upon the development in those areas.

The city should be divided into different commercial zones based on the potentiality of the area. Properties should be valued two times the residential value in the high-potential commercial zone, where as it should be one-and-half times the residential value in the medium-potential commercial zone, it said.

The value of the property can be increased by 10 per cent in the residential land-use zones, if it is used for commercial purpose, the release added.

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