Tamil Nadu Stamp (Constitution of Valuation Committee for Estimation, Publication and Revision of Market Value Guidelines of Properties) Rules, 2010 (165 Ex III 1a)

What the rules govern

The Tamil Nadu Stamp (Constitution of Valuation Committee for Estimation, Publication and Revision of Market Value Guidelines of Properties) Rules, 2010 govern how property market value guidelines are prepared and revised. They cover agricultural and non-agricultural land, residential, commercial and industrial sites, buildings and other properties.

Valuation bodies and responsibilities

The Valuation Committee may create a valuation sub-committee in each revenue district. Key provisions include:

• The District Collector chairs the valuation sub-committee.
• Members include revenue, registration, town panchayat, panchayat, municipal and local body representatives.
• The valuation sub-committee operates from the District Collector's office.
• The District Registrar handles correspondence and compiles property market value data according to the sub-committee's decisions.
• Approved market value guideline statements are public records and must be permanently preserved in the office of the concerned District Registrar.

Estimation and public consultation

The Valuation Committee may issue instructions and general policy guidelines in the first week of October, as far as possible, for guidelines relating to the next calendar year. It may also issue instructions at other times when revision is required.

The valuation process includes:

• Publishing notice of a proposed estimation or revision in local newspapers and on notice boards of important offices.
• Allowing 15 days for public objections and suggestions.
• Having the concerned District Registrars consider public responses and place them before the valuation sub-committee.
• Preparing village-wise and local body-wise statements in paper and electronic form.
• Sending the prepared data to the Registrar of the concerned revenue district in the last week of November.
• Allowing the Registrar to return incomplete or inconsistent information for correction, which must be supplied within 15 days of the reference.

Factors used in valuation

For agricultural land, the valuation sub-committee considers land classification, soil class, nearby land values, crops, average yield, access, location, irrigation and transport facilities. House-site valuation may consider local values, roads, public transport, markets, public services, development, taxation records and special amenities.

Building valuation uses data supplied by the concerned Superintending Engineers of the Public Works Department. Other properties are assessed by their nature, condition, use and any special features affecting value.

Revisions and effect on property holders

Property buyers, owners and professionals may be affected whenever guidelines for their area or property class are estimated or revised. The Valuation Committee may defer a revision, correct anomalies or order a special revision for a sub-district or district. If no revision is undertaken for a year, registering officers must use the last revised guidelines.