What does “market value’’ refer to?

Market value, in relation to any property which is the subject matter of an instrument, is the price which such property would have fetched if sold in the open market on the date of execution of such instrument, or the consideration mentioned in the instrument, whichever is higher. The price which such property would have fetched if sold in the open market is determined on the basis of the ‘Ready Reckoner’ issued each year by the State Government. Depreciation in stamp duty is available for old buildings and buildings without lift.