Thiruvananthapuram: The Kerala Government has issued a notification increasing the fair value of land by 20 per cent from April 1, 2023.
The fair price for the land was first implemented in 2010. Later, it was revised five times. With the latest increase, the fair price has gone up by 220 per cent since 2010.
However, in effect, the increase is 264 per cent, the notification explains.
The increase in land fair value was announced in the Kerala Budget for 2023-24.
The fair value is the fixed property price based on which stamp duty and registration charges are calculated. It is the estimated price at which an asset is bought or sold.
The fair value is now being increased yet again, even as it is alleged that the lapses in value determination in 2010 remain unresolved.
Earlier, it was reported that the highest fair value in 10 districts is higher than the highest fair value in Kerala's capital city. This is because of the unscientific nature of the fair value declared by the government in 2010. The government, which mops up revenue by raising the fair value in each budget, has not made any efforts to reform the valuation system on a scientific basis. Though committees were constituted two times for the purpose, no report has been submitted till now. When those who buy land by spending crores of rupees get concessions in land transaction expenses, the increasing fair value of land is a burden on the common man.