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Our Bureau

Chennai , Dec. 5

The Tamil Nadu Assembly has passed a law enabling setting up of valuation committee to estimate and revise market value guidelines of properties. The amendment to the Indian Stamp Act, 1899 and the Registration Act 1908, provides for the creation of the valuation committee as the final authority for the formulation of policy, methodology and administration of the market value guidelines in the State.

The move is to ensure that the stamp duty is paid on the market value guidelines at the time of registration and to prevent under valuation of properties. The committee and its valuations would have statutory effect.

According to the statement of objects and reasons, `innumerable' under-valued instruments are pending for long periods for determination of market value and the duty payable.

More Stories on : Policy | Real Estate & Construction | Tamil Nadu

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