Usually properties like land and flats in Kochi | Kerala are registered on fair value and not on market value. Where as one of the significant revenue source of the government is from property registration. If the government insist to do the property registration on market value of the property; the number of transaction will be decreased and which leads to deficit in revenue income. Hence the government has fixed a fair value for the land according to the location importance. So the fair value is the value of land much lesser than the actual market value of a property. So the transaction in fair value regulate the burden of stamp duty and registration expenses of the public(presently 10% of the property value) and leads to increase in property registration volume and increase in revenue income accordingly.
More details on fair value of each land in Kerala will get from the link igr.kerala.gov.in . Here you will get fair value of property by filling the required columns like District, RDO, Taluk, Village, Re survey No. etc;.
Fair Value Searching
Apartment value also calculated for registration for a decreased rate certified by an approved valuer and in Kochi the sqft rate for an apartment is calculated between Rs. 1200 to Rs. 1700 per Sqft.
So the final registration value will be the 10% of fair value of undivided share plus apartment value certified by an approved valuer.
Fair value show in the site will be in Ares and not in cents (1 Are = 2.47 Cents). For example market value for a property near Edappally with PWD road access would cost if Rs. 15.00 Lakhs; Where the fair value would cost around only Rs. 3.00 Lakhs. So people can register the property on fair value with a lesser stamp duty and registration expense.
See you later with an another topic and inviting your comments and valuable feedback. Thanks, Dinaraj Dinakaran, (Sr. Manager – Sales.) facebook