Answered on December 23,2019
(a) As defined under Sec.2 (mm) of the Karnataka Stamp Act 1957, the market value of a property is the value it would fetch if sold in the open market.
(b) The government has formed Committees to estimate the market value of properties. They would fetch in different localities under Karnataka Stamp (Estimate of Market Value) Rules 1992. The committee will estimate the value from time to time as per laid down norms and principles and publish the same for the information of the public.
(c) When a document is presented to the Sub Registrar for registration, he will give an endorsement in the prescribed form about the market value of a property as the market value estimated by the committee. If the party concerned agrees to pay the stamp duty on such value, he will register the document.
(d) If parties to the document do not agree to pay stamp duty on the market value informed above, Sub Registrar will keep the document pending and refer the document for determination of market value.
(e) District Registrar (Deputy Commissioner of Stamps) will hear the parties and determine market value after spot inspection if necessary.
(f) An appeal may be referred to as the Deputy Inspector General of Registration within 60 days from the date of receipt of an order of the District Registrar. You can see the market value of the entire state i.e. each village, each state.