Delhi government has constituted the fifth municipal valuation committee (MVC). It will help the three corporations on matters relating to value of properties. According to the statement issued by South Delhi Municipal Corporation on Wednesday, the five-member committee will be headed by retired IAS officer Anindo Majumdar along with four other members.

MVC is a statutory body since year 2004. It makes recommendations with regards to various colonies, lands and buildings. The other major role of this committee is to file a report on whether property tax of an area in Delhi should change or not based on different factors. The committee recommends the value of various assets of the corporations.

The move comes at a time when municipal elections are slated to be held in around six months. It also makes recommendations on decrease or increase in unit area value of various lands and buildings in different categories of colonies, use factor of various buildings and lands as per the use, occupancy factor and age factor among others, the statement said.

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The committee has a period of six months, after which it will submit a report of recommendations.