The Revenue and Disaster Management Department has notified a comprehensive Standard Operating Procedure (SOP) for the biennial revision of the Benchmark Market Value (BMV) of immovable properties across Odisha.
Mandated under the Odisha Stamp Rules, 1952, the process seeks to ensure accurate, transparent, and uniform valuation for stamp duty and registration purposes. The revised BMVs will come into effect from April 1 of every biennial year.
Key Highlights of the SOP
Structured Committee Framework
- District Valuation Committees (DVCs), chaired by District Collectors
- Sub-District Valuation Committees (SDVCs), chaired by Sub-Collectors
- Inclusion of expert valuers, with provision to engage Chartered Valuers
Standardised Data Collection
- Form-5 for urban land (residential, roadside, commercial)
- Form-6 for rural land (agricultural, non-agricultural, miscellaneous)
- Form-7 for building structures (RCC rates from Chief Engineer; others from local authorities)
Scientific Valuation Methodology
- Market value based on the average of the top 50% highest registered sale transactions over two years
- Minimum plot-size criteria for valid transactions
- Consideration of auction values and statutory sales
Approval & Publication Process
- Proposals move from SDVC to DVC, then to the Inspector General of Registration (IGR)
- Final approval by the Board of Revenue
- District-wise publication of revised BMVs
Mandatory Timelines & Escalation Provisions
- Biennial revision is compulsory
- 5% annual enhancement for urban areas
- 10% escalation in case of delays, excluding no-sale rural zones
Officials said the SOP will streamline property valuation, minimise regional disparities, and strengthen revenue compliance. They added that the framework will enhance transparency and boost public confidence in Odisha’s property registration system.
