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Bengal has rationalised property valuation by doing away with the discrepancies between the registration authorities and their actual market value. The move comes into effect across Kolkata and suburbs , sources in real estate body Credai said.
Earlier, the registered value of a property was anywhere between 10 and 50 per cent higher than the prevailing market rate. The difference between the market rate and the registered value was deemed as income and taxed.
“As a result of this discrepancy many people were either holding back their purchases or not registering their properties ,” Harsh Patodia, President, CREDAI-Bengal, said.
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