, India - The real estate landscape in Kerala faces an imminent challenge in the fiscal year of 2023-24 as the state government announces a substantial 20% increase in the fair value of land, effective April 1, 2023. This decision, delineated in the Kerala Budget 2023-24, aims to narrow the gap between market value and fair value.
The fair value of land in Kerala, pivotal in determining stamp duty charges and registration fees, serves as a cornerstone for property transactions across the state. However, this hike in fair value is poised to disrupt property sales for the current fiscal year, as experts forecast.
"With the surge in the fair value of land, prospective property buyers are set to bear the brunt of escalated stamps and registration costs," elucidated Kerala CREDAI, a prominent association representing real estate developers, in an exclusive conversation with Moneycontrol. Their analysis suggests that the ripple effects on property prices are anticipated to manifest within the next two quarters.
This increase marks the latest in a series of revisions to the fair value of land, which has seen a cumulative escalation of 220% since its inception in 2010. Remarkably, recent data reveals that the highest fair value in ten districts outstrips that of Kerala's capital city, underscoring the sweeping impact of this regulatory shift on the state's real estate sector.
As stakeholders brace for the economic repercussions of this policy alteration, observers keenly monitor the unfolding dynamics within Kerala's property market, navigating through a landscape fraught with fiscal adjustments and market complexities
Kerala, India - The real estate landscape in Kerala faces an imminent challenge in the fiscal year of 2023-24 as the state government announces a substantial 20% increase in the fair value of land, effective April 1, 2023. This decision, delineated in the Kerala Budget 2023-24, aims to narrow the gap between market value and fair value.
The fair value of land in Kerala, pivotal in determining stamp duty charges and registration fees, serves as a cornerstone for property transactions across the state. However, this hike in fair value is poised to disrupt property sales for the current fiscal year, as experts forecast.
"With the surge in the fair value of land, prospective property buyers are set to bear the brunt of escalated stamps and registration costs," elucidated Kerala CREDAI, a prominent association representing real estate developers, in an exclusive conversation with Moneycontrol. Their analysis suggests that the ripple effects on property prices are anticipated to manifest within the next two quarters.
This increase marks the latest in a series of revisions to the fair value of land, which has seen a cumulative escalation of 220% since its inception in 2010. Remarkably, recent data reveals that the highest fair value in ten districts outstrips that of Kerala's capital city, underscoring the sweeping impact of this regulatory shift on the state's real estate sector.
As stakeholders brace for the economic repercussions of this policy alteration, observers keenly monitor the unfolding dynamics within Kerala's property market, navigating through a landscape fraught with fiscal adjustments and market complexities
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