Amendment status not verified — confirm the current text below against the official source.
The betterment contribution in respect of each property shall be according to the following principles :— (a) its market value on the date of the publication of the notification sanctioning the scheme shall be estimated without reference to the improvement and developments contemplated in the scheme; (b) for each financial year, succeeding the year in which the scheme takes effect, its market value on the first day of April of that year shall be ascertained by the chairman; (c) if, in any financial year, the market value estimated under clause (b) does not exceed that estimated under clause (a), no betterment contribution shall be levied for that year; (d) if, in any financial year, the estimated market value under clause (b) exceeds that estimated under clause (a), the trust shall levy a betterment contribution on the difference according to the percentage fixed in the scheme: Provided that in estimating the market value of land under clause (a) or under clause (b), the value of buildings or other works erected or in the course of erection on such land shall not be taken into consideration; (e) if, in the last three successive financial years, the estimated market value, under clause (b) does not exceed or exceed on the normal average rate in comparison with other similar property situated in the vicinity of the property but beyond the betterment effect of the scheme that estimated under clause (a), no betterment contribution shall be levied for that year and henceforth.