Bhubaneswar: With the Board of Revenue seeking permission for biennial revision of benchmark value (BMV) of immovable property of the Odisha government for 2022-24, it is expected that the value of land plots and houses in the state will witness an upswing in near future.
The Inspector General of Registration Jyoti Prakash Dash has directed all district Collectors and district-level valuation committees to revise the set of market value by re-visiting the earlier set of market values of immovable properties in all villages.
In a letter, Dash wrote, “You were requested to take steps to revise the set of market value by revisiting 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.”
He has also directed the officials to send the revised set of market values to the member, Board of Revenue, Odisha, for approval.
According to the state government, the earlier revision was made for the year 2021-2022 and implemented w.e.f. April 1, 2021, to prevent any possible leakage of revenues in form of Stamp Duty and Registration fees.
In its letter dated October 20, 2020, the R&DM department instructed all concerned that in order to provide relief the registrant public during the economic crisis arising out of extraordinary situation of Covid-19 pandemic, the market values of immovable properties of all districts (barring Khurdha and Bargarh) of the previous financial year (2019-2020) as on 31st March, 2020 shall remain in force till the end of current financial year.
However, the market values of immovable properties in Khurdha and Baragarh districts have already been hiked at the rate of 10 % from April 1, 2020 and May 13, 2020 respectively.
As the issue 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.
PNN