Odisha Govt Issues SOP for Biennial Property Market Value Revision
The Odisha Revenue and Disaster Management Department has notified a comprehensive Standard Operating Procedure (SOP) for revising the Benchmark Market Value (BMV) of immovable properties across the state.
Mandated under the Odisha Stamp Rules, 1952, the new framework aims to ensure transparent, scientific, and uniform valuation for stamp duty and registration purposes.
The revised BMVs will come into effect from April 1 of every biennial year.
Key Features of the SOP
- Committee Framework: District Valuation Committees (DVCs) chaired by Collectors and Sub-District Valuation Committees (SDVCs) chaired by Sub-Collectors, with provision to engage Chartered Valuers.
- Standardised Data Collection: Form-5 for urban land, Form-6 for rural land, and Form-7 for building structures.
- Scientific Valuation: Market value based on the average of the top 50% highest registered sale transactions over two years, with auction and statutory sales considered.
- Approval Process: Proposals move from SDVC to DVC, then to the Inspector General of Registration (IGR), with final approval by the Board of Revenue.
- Mandatory Timelines: Biennial revision is compulsory, with a 5% annual enhancement for urban areas and 10% escalation in case of delays (excluding no-sale rural zones).
Officials said the SOP will streamline property valuation, minimize regional disparities, strengthen revenue compliance, and boost public confidence in Odisha’s property registration system.
