- (1.)IN view of the interconnectivity of the facts and circumstances, these appeals are taken up together and disposed of by a common order.
(2.)THE appellants are purchasers in pursuance of a Memorandum of Agreement, dated 02. 04. 2001, with M/s. Techno Engineering Company of the properties situate in Nelson Manickam Road, Chennai, with a total extent of five grounds and 325 sq. ft. The Sub-Register after registration referred the sale deeds under Section 47 (A) (1) of the Registration Act to the District Revenue Officer (Stamps), chennai, since he was of the opinion that the properties were undervalued to avoid stamp duty. The District Revenue Officer (Stamps) by means of proceedings dated 18. 03. 2003 fixed Rs. 2,075/- per Sq. ft. as market value of the property and directed to pay Rs. 4,58,224/ -. The appellants preferred appeal before the first respondent, who by means of his proceedings, dated 30. 09. 2003, after analysing circumstances fixed Rs. 1,821/- per Sq. ft. as market value and directed payment of stamp duty. Aggrieved against the said orders, the appellants are before this court.
(3.)IT is the bottomline contention of the appellants that the guideline value maintained by the Sub-Registrar could not be the basis for determining the correct market value, that the properties have not been undervalued, that the property lies as irregular trapezodial shape, from which the property is abutting Nelson Manickam Road only 40 feet, while the total extent is 5 grounds and 325 Sq. ft that the plot is situated on the western side of the Coovam River and that the vendor applied to the appropriate authority under the Income Tax act and obtained 'no objection certificate' from them, after enquiry and inspection which shows that the property is worth about Rs. 50,00,000/- and that the impugned order does not contain reasons for not accepting the value mentioned in the sale deed.