Post News Network
Cuttack, Dec 22: The Orissa High Court, in a landmark judgment, has directed the state to take a final call on illegal and arbitrary valuation of buildings/superstructures set forth in the instrument for registration, after discussing the matter with developers in accordance with the norms within two months.
According to sources, Ramakrishna Promoters and Builders Private Limited of Jharsuguda had filed a petition against illegal and arbitrary fixation of valuation of the buildings/super-structures set forth in the instrument for registration against the state government challenging an order issued by additional chief secretary of revenue and disaster management (Dec 13, 2013) on valuation of buildings/superstructures which have been revised unreasonably high for the purpose of registration.
While the valuation determined by the state government in respect of the buildings/superstructures in Orissa as per order dated March 24,2011 was in force, the state government has again revised the valuation of the buildings enhancing such cost exorbitantly by 32 percent unreasonably within two years, said the petition.
The unreasonable hike in the valuation of the buildings also saddles the developers to pay more income tax. Meanwhile, members of Orissa Real Estate Developers expressed their happiness over the court judgment.
