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In a bid to expedite property transactions exceeding Rs 50,00,000, Jaipur's state government has launched the enlistment of private site inspectors. Addressing the dearth of government inspectors, this move aims to alleviate delays in property deals. The directive mandates site inspections for properties surpassing the Rs 50,00,000 threshold, whether priced or valued by the government. Applicants vying to be empanelled inspectors must be registered valuers for financial institutions, comply with 2017 Valuation Rules, and hold diplomas or degrees in civil engineering, town planning, or architecture.
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In a strategic move aimed at streamlining the property registration process for assets valued at Rs 50,00,000 and above, the government of Jaipur state has initiated the empanelment of private site inspectors. This innovative step comes as a remedy to the persistent issue of delays caused by an insufficient number of government-appointed site inspectors during property transactions.
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Under the freshly issued directive, any property exceeding the valuation of Rs 50,00,000 necessitates a mandatory site inspection. To address the scarcity of available inspectors, a notification dated May 3, 2005, authorized private individuals to carry out these inspections.
Providing insight into this development, Syed Sheeraz Ali Zaidi, the Deputy Inspector General (Jaipur-Circle I) of the Registration and Stamps Department, elaborated that the empanelment process is currently in progress and is projected to substantially curtail the registration duration for both buyers and sellers.
The threshold of Rs 50,00,000 has been determined considering either the property's selling price or the government-assessed valuation, selecting the higher value of the two. Additionally, a scenario is presented wherein if a property's government valuation stands at Rs 45,00,000 and the selling price surpasses Rs 50,00,000, an obligatory site inspection is triggered. Similarly, in instances where the selling price reaches Rs 45,00,000 while the government valuation exceeds Rs 50,00,000, a mandatory site inspection is still stipulated.
Prospective candidates seeking empanelment as inspectors must fulfil specific criteria. They are required to be a valuer affiliated with a bank or financial institution, hold registration as a valuer as per the guidelines outlined in the Companies (Registered Valuers and Valuation) Rules of 2017, and possess a diploma or degree in civil engineering, town planning, or architecture. This rigorous selection process aims to ensure the competence and expertise of the appointed private site inspectors.
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