PANAJI
In a bid to nix the practice of undervaluation to pay lower stamp duties and taxes in land deals, the State government has set up district and taluka level committees to prepare and finalise minimum land rates annually.
The revenue department has constituted the two district level committees which will be headed by the respective collectors.
Taluka level committees will be headed by the Sub-Divisional Officer (Deputy Collector) and comprise of mamlatdar of the taluka, the town planner, the PWD's Assistant Engineer (Building) and the sub-registrar of the taluka.
The task of the taluka level committee will be to prepare a 'draft annual statement' articulating the minimum land rates. This statement is expected to be finalized and submitted to the district level committee by mid-October each year.
Subsequently, the District level committee is tasked with the responsibility of vetting these statements and itself determine the annual statement of minimum land rates and forward them taluka-wise to the Revenue Department by October 31.
Notification of these minimum land rates will then be issued on January 1 each year.
The District Level Committee will be headed by the Collector and will comprise of District Registrar, Senior Town Planner, PWD's Executive Engineer (Building) and the Deputy Collector (Revenue).
The move is clearly aimed at checking the rampant practice by property owners, builders and realtors of undervaluing real estate.
Earlier this year, the State government had enacted the Goa Stamp (Determination of True Market Value of Property) (Amendment) Rules, 2023. It is this delegated legislation that has been invoked to set up these panels to determine 'minimum land rates' which will be the yardstick for authorities to conclude if value of properties being transacted are under-stated.
