Per square foot guidelines value for various kinds of lands and buildings is notified by the state government for all zones. Guideline value can be updated periodically by the state government, so state government takes average market values of last 6 months or 1 year and update the guideline value and they also take into account the kind of infrastructure and facilities in that area, so generally the guideline values lags behind the market value(knows as circle rate or reckoner rates).In Madhya Pradesh each city is divided into various Taluk or Tehsil which further divided into various subareas, wards and villages.Well developed or Posh localities will have a higher guideline values while least or lower developed localities has lower guideline values.Per square foot guidelines value for various kinds of lands and buildings is notified by the state government for all zones. Guideline value can be updated periodically by the state government, so state government takes average market values of last 6 months or 1 year and update the guideline value and they also take into account the kind of infrastructure and facilities in that area, so generally the guideline values lags behind the market value(knows as circle rate or reckoner rates).In Madhya Pradesh each city is divided into various Taluk or Tehsil which further divided into various subareas, wards and villages.Well developed or Posh localities will have a higher guideline values while least or lower developed localities has lower guideline values.
Provision for agricultural Land
In all areas except the areas / villages in which the value of property located on the road is determined separately, the value of the land situated on the national highway or their bypass is 100 percent more than the fixed price for agricultural land. The value of land situated on the state road or their bypass will be 50 percent more than the value of agricultural land, 20 percent more than the value of agricultural land on the main district road or other district route.In areas whose prices have not been set or missed in the guide line, the District Registrar will submit the proposal of the District Appraisal Committee to the Inspector General of Registration for approval. Guidelines for these areas can be issued separately during the year.If there is an intention to have more than one rate in respect of a property, then the maximum rate among them will be accepted.
Provision for buildings
Multi-storeyed buildings in which Madhya Pradesh Cell Ownership Act, 2000 and rules made thereunder are applicable.In relation to the provisions of section 4 (3), 4 (5) and 8 of the said Act, the market value of the apartment is calculated according to the built-up area of the apartment along with its common areas and facilities, Including the area of undivided share.If a document transfers an independent multi-storey bungalow of two or more floors to one kata, the value of the plot will not be calculated separately for each floor, but will be included only once. For the first, second and third and above floors, a reduction of 5, 10 and 15 percent in the construction cost will also be accepted.
Importance of Property Valuation Certificate
- Property valuation certificate includes the property information like property size of the land and building, Property value, details on the construction.
- Property valuation Certificate is also used as collateral for the educational loan from the Bank.
- Property Valuation certificate is required for purposes of income and wealth tax For submitting annual returns in the Income Tax department.
Documents Required
- Aadhaar Card
- Proof of Land Tax
- Copy of Encumbrance certificate.
- Proof of ownership of property.
- Voters ID
Application Procedure for Property Valuation
Step 1: Please visit the e-Panjiyan portal of Registration and stamp department.
Step 2: Click on “Login” option which is on the homepage of the portal.
Step 3: The user has to enter the valid email ID and password and click on the “Login” button.
Step 4: If the user is not registered, then the user can register using the New User option on the login screen and then the new user registration form will open on the next screen.
Step 5: The user has to fill the form with required details and click on the “Register” button.
Step 6: After registering the page will be redirected to the login page enter login details and select a property valuation tab.
Step 7: Then choose the District of the property from the map to continue.
Step 8: Then the applicant will enter the property details like District, Tehsil, Area Type, Ward/Patwari, Colony, Property Type.
Step 9: Enter the details of the property type (plot)selected.
Step 10: If the applicant wants to define area separately for Residential Plot, Commercial Plot, Industrial Plot, Education Plot, Health Plot and Others. The applicant has to enter their respective areas in the fields for valuation of property.
Step 11: If in case the applicant does not want to define areas for commercial and residential plot separately, you can select “If the plot is used for commercial cum residential purpose”.
Step 12: In the case of Health and Education institutes, the applicant can select – “If layout passed by T&CP”. If the applicant selects this checkbox, the user has to present a document evidencing the same.
Step 13: Select relevant sub-clauses and read instructions carefully before clicking the Next button.
Step 14: Click on “click here to view property details” to view the same.
Step 15: Property details are displayed after clicking on the link.
FAQs
Should we register our property at Guidance Value by state government or Circle rate?
Market price or circle rate of a property in a particular area can be much higher than the circle rate fixed by the Revenue Department, then homebuyer can register property at a rate anywhere between guidance value and circle rate.
How guidance value affect the property price?
If the Guidance value of particular land is higher than the circle rate then a homebuyer cannot register the land below guidance value, so property can be registered at guidance value or circle rate whichever is lower, but registration on the circle rate leads to pay higher stamp duty.