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To avoid speculation over property prices in the state, the state government fixes the fair value for the land, based on which stamp duty and registration charges are paid on property transactions, to the Kerala Property Registration Department. The fair value of land is also applicable on flats and houses, where additional fee has to be paid for construction after adjusting against depreciation.
How to check the fair value of land in Kerala?
To check fair value of land, follow this step-by-step procedure:
Step 1: Visit IGR Kerala Portal and prepare all the information being asked.
Step 2: Select the district, RDO, taluk, and village from the drop-down menu, as these are mandatory fields.
Step 3: Now select Desam, land type, block number, survey number and other requisite information. These are not mandatory fields.
Step 4: Click on ‘View Fair Value’ and you will be redirected to a new page, where the results will be displayed on the screen.
Please note, these values were last updated as per the notification published on March 31, 2020. Also, as per the disclaimer given by the IGR Kerala, the department is not responsible for the incorrectness of the data on the website. Therefore, all users should verify the original notification issued by the RDOs/collectors, for confirming the rates mentioned on this website.
See also: All about Kerala’s online property-related services
Difference between market value and fair value
The fair value of property or land is fixed by the state authorities. The market value is set by the marketplace, based on the overall demand and supply scenario. Usually, fair value of land is considered for stamp duty and registration of deeds, if the declared transaction value is lower than the fair value of land. In other cases, the consideration amount or fair value, whichever is the higher amount, is used to calculate stamp duty and registration charges in Kerala.
Fair value of land in Kerala: Latest news
In February 2020, the Kerala government announced a hike in the fair value of land by up to 30%, in areas where large-scale projects have been identified. The entire exercise will attract more revenue from stamp duty payment on property transactions. A lot of realtors have been opposing and protesting the move, as the total cost of construction would go up considerably. Industry experts say the decision to hike fair value is a retrograde step, further pulling down an industry that has been struggling post demonetisation, the floods and employment crisis in the Middle-East and now, the Coronavirus pandemic. Apart from this, regular home buyers who buy plots for house construction would have to shell out extra for purchasing the land.
FAQs
What is the fair value of land in Kerala?
Land valuation that is set by the Kerala government is called fair value of land.
How do you calculate the fair value of land?
You can use the IGR Portal to calculate the exact value of land.
What is the difference between market value and fair value?
Fair value is set by the state authorities while market value refers to the price of an asset in the marketplace.
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