Sunday, December 12

Fair Value Of Land in Kerala

Fair Value Of Land in Kerala

To avoid any speculation over the prices, the government of Kerala fixes a fair value for different categories of land based on the registration charges and stamp duty that are to be paid for the various property transactions. The fair value of the plot is also applicable in houses and flats, where there are no additional fees for construction after adjustment against depreciation.

Difference between fair value and market value 

The state government authorities decide the fair value of land or property. On the contrary, the market value of land in Kerala is determined by the marketplace that is based on the supply and demand scenario. Usually, the fair value of land is being considered for the deeds registration and stamp duty in cases the decided transaction value of land is lower than the fair value of the land. So, the fair value or consideration amount is used to calculate the registration charges and stamp duty charges in Kerala. The one that is higher is taken into consideration.

Applicability and significance of the fair value of land 
In transactions where the parties executed the sale deed before the revision of suitable value, the overall valuation only requires to be done based on the existing fair value on the date of execution of the document. The stamp duty for registration would be calculated accordingly.

Process of checking the fair value of land in Kerala 

Step 1: Firstly, you should visit the IGR Kerala website and then fill in all the required information that is asked for.
Step 2: You need to select from the dropdown list the district, taluk & village. These selections are mandatory to proceed.
Step 3: Select Desam, block number, land types, survey number, as well as the other requisite information. However, these are not the mandatory fields to be filled up.
Step 4: You are required to click on the tab 'View Fair Value' & then you would be redirected to an altogether new page where you would be able to access the displayed results on your device's screen.

You necessarily need to note when these values were last updated as per the previous notification. Also, you need to necessarily check the disclaimer page on the website by IGR Kerala. The department declares that it is not responsible for any incorrect information displayed on this website. All the users should verify the original notifications issued by the collectors/RDOs to confirm the mentioned rates on the website.