valuing a property : How to check the Fair Value of land in Kerala
valuing a property : How to check the Fair Value of land in Kerala
Buying your own home can be a difficult task for many. There are commonly many procedures while purchasing land ( valuing a property ) . If you buy a part of the land without knowing about it, they may cause a lot of pros and cons. Common people usually approach any agent to purchase land ( valuing a property ) . But those who are assuming land acquisition through brokers need to understand one more thing. That is, sometimes brokers will attempt to impose land on you at a fair price.
To avoid such speculation over the expenses, the government of Kerala fixes a reasonable value for various categories of land based on the stamp duty and registration charges that are to be spent for the various land transactions. The fair value of the land is also relevant in houses and flats, where there are no more fees for construction after adjustment against depreciation.
The reasonable value of land shown in this site is the enhanced fair value as per Gazette notification SRO No.305/2022 dated 30/03/2022. In other words, this site includes the enhanced fair value as per the Gazette notifications published till 30/03/2022.
Elements affecting the Fair Market Value of a property
Location
The location of the property is a significant determinant of its value. If the property is located in a prime region, it obtains the foremost estimate. Remarkable location refers to the heart of the city or an area with upscale buildings and residential areas, including sprawling apartments, for example, MG Road in Bangalore and CP in Delhi. On the contrary, properties found in remote areas or outskirts are evaluated at a lower value.
The site
The measurements of the property play an important role in its value evaluation, whether it’s a plot, flat or independent villa. A larger piece of land will retain more substantial significance compared to a smaller one.
Demand and supply
The demand-supply dynamics of the property, also impact its fair value. Higher demand unmet by insufficient supply is bound to surge the reasonable value, whereas oversupply inhibits capital appreciation. Various other elements, such as easy access to home loans, growth in disposable income, and rural-to-urban migration drive demand for real estate. Hence, economic situations trigger differences in the fair value of the property.
Difference between fair value and market value
The state government authorities choose the fair value of land or property. On the opposite, the market value of land in Kerala is specified by the marketplace that is based on the supply and demand scenario. Usually, the fair value of land is deemed 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.
How to check the Fair value of land in Kerala?
For reviewing the fair significance of land, you need to follow the method step by step as discussed below:
Step 1: First, you need to visit the below website and then fill in all the required information that is asked for.
Step 2: You require 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 other requisite information. However, these are not mandatory fields to be filled up.
Step 4: You are needed 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 outcomes on your device’s screen
To know more click: https://igr.kerala.gov.in/index.php/fairvalue/view_fairvalue
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