Market Value

Also: Basic Value

MEANING

The government-notified value of land for duty purposes — registration is charged on this or the price, whichever is higher.

Unit rates run survey-number-wise for agricultural land and locality-wise for urban plots, revised periodically by the registration department's committees. "Basic value" is the portal's word for the same thing; the gap between market value and the real market is where undervaluation cases live.