law: Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 
  27.
  
     Determination of market value of land by Collector.
  1.     
  
    The
  
  Collector shall adopt the following criteria in assessing and determining the
  
  market value of the land, namely:-
  a.      the market value, if
  
  any, specified in the Indian Stamp Act, 1899 for the registration of sale deeds
  
  or agreements to sell, as the case may be, in the area, where the land is
  
  situated; or
  b.     the average sale
  
  price for similar type of land situated in the nearest village or nearest
  
  vicinity area; or
  c.      consented amount of
  
  compensation as agreed upon under sub-section (2) of section 2 in case of
  
  acquisition of lands for private companies or for public private partnership
  
  projects, whichever is higher:
  Provided that the
  
  date for determination of market value shall be the date on which the
  
  notification has been issued under section 11.
  Explanation 1.- The
  
  average sale price referred to in clause (b) shall be determined taking into
  
  account the sale deeds or the agreements to sell registered for similar type of
  
  area in the near village or near vicinity area during immediately preceding
  
  three years of the year in which such acquisition of land is proposed to be
  
  made.
  Explanation 2.- For
  
  determining the average sale price referred to in Explanation 1, one-half of
  
  the total number of sale deeds or the agreements to sell in which the highest
  
  sale price has been mentioned shall be taken into account.
  Explanation 3. -While
  
  determining the market value under this section and the average sale price
  
  referred to in Explanation 1 or Explanation 2, any price paid as compensation
  
  for land acquired under the provisions of this Act on an earlier occasion in
  
  the district shall not be taken into consideration.
  Explanation 4.- While
  
  determining the market value under this section and the average sale price
  
  referred to in Explanation 1 or Explanation 2, any price paid, which in the
  
  opinion of the Collector is not indicative of actual prevailing market value
  
  may be discounted for the purposes of calculating market value.
  1.     
  
  
  2.     
  
    The
  
  market value calculated as per sub-section (1) shall be multiplied by a factor
  
  to be specified in the First Schedule.
  3.     
  
    Where
  
  the market value under sub-section (1) or sub-section (2) cannot be determined
  
  for the reason that-
  a.      the land is situated
  
  in such area where the transactions in land are restricted by or under any
  
  other law for the time being in force in that area; or
  b.     the registered sale
  
  deeds or agreements to sell as mentioned in clause (a) of sub-section (1) for
  
  similar land are not available for the immediately preceding three years; or
  c.      the market value has
  
  not been specified under the Indian Stamp Act, 1899 by the appropriate
  
  authority, the State Government concerned shall specify the floor price or
  
  minimum price per unit area of the said land based on the price calculated in
  
  the manner specified in sub-section (1) in respect of similar types of land
  
  situated in the immediate adjoining areas:
  Provided that in a
  
  case where the Requiring Body offers its shares to the owners of the lands
  
  (whose lands have been acquired) as a part compensation, for acquisition of
  
  land, such shares in no case shall exceed twenty-five per cent. of the value so
  
  calculated under sub-section (1) or sub-section (2) or sub-section (3) as the
  
  case may be:
  Provided further that
  
  the Requiring Body shall in no case compel any owner of the land (whose land
  
  has been acquired) to take its shares, the value of which is deductible in the
  
  value of the land calculated under sub-section (1):
  Provided also that
  
  the Collector shall, before initiation of any land acquisition proceedings in
  
  any area, take all necessary steps to revise and update the market value of the
  
  land on the basis of the prevalent market rate in that area:
  Provided also that
  
  the appropriate Government shall ensure that the market value determined for
  
  acquisition of any land or property of an educational institution established
  
  and administered by a religious or linguistic minority shall be such as would
  
  not restrict or abrogate the right to establish and administer educational
  
  institutions of their choice.