Valuation of immovable property

no. govt. rate only prevails. 

thanks for your reply,

please help me with my concern

our company has recently purchased an Industrial plot near bangalore for an amount of Rs.25 Lakhs(aprox measuring 22000 sft) as per the sale agreement. However at the time of registartion, we came to know that the local competent authority has fixed the min rate as Rs.500/sf. so we had to pay stamp duty + registration on this value which came close to 10 Lakhs. When we enquired in the local sub registrar office, they told us that they werent really bothered about the sale value and that we had to pay the stamp duty on the govt fixed rate. in our case in the deed, even though the registration value was declared as Rs.25 Lakhs,the sale consideration value was mentioned as Rs.1.12 Crores(based on the govt rate) for which we were forced to pay almost Rs.10 Lakhs as stamp duty.

later, when we were in the process of creating a mortgage with the bank against our collateral, the panel valuer of the bank has valued our property as only Rs.20 Lakhs. when we talked to the bank valuer on these terms and also showed him the copy of the Government order which clearly mentioned the min rate as Rs.500, he never agreed and submitted the report to bank.

please let me know if this is legally right or do we have any remedy to sort it out. if the lender(bank in this case) really goes by his record, then i feel govt is cheating the people by simply collecting huge amounts of money which is of no use to public or common man.

how do we approach this situation?