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**Fair Value**:
Fair value, in the context of property registration, refers to the estimated market value of a property, used to determine the stamp duty and registration fees during a property transaction. It represents the price at which a property would sell under normal market conditions, where both the buyer and the seller are informed and willing participants.
**Fixation by Governments**:
Fair Value:
- **Definition**: Fair Value, also known as guidance values or ready reckoner rates, are predetermined values set by the government that represent the minimum value at which a property must be registered. They vary by location and type of property.
- **Purpose**: They are used to calculate the stamp duty and registration fees to ensure that the government receives a fair share of revenue from property transactions.
Periodic Revisions:
- **Frequency**: Governments periodically revise Fair Value to reflect changes in the real estate market. These revisions can be annual or biannual, depending on the state or locality.
- **Factors Considered**: Revisions are based on factors such as changes in property prices, market demand, infrastructure development, and overall economic conditions.
Regional Variations:
- **Local Factors**: Fair Value vary from one locality to another. Factors influencing these variations include the location's desirability, infrastructure, proximity to commercial centers, and overall development.
- **Types of Properties**: Different rates are applied based on the type of property (e.g., residential, commercial, agricultural) and its usage.
Government Notifications:
- **Issuance**: Governments issue notifications or gazette orders detailing the Fair Value applicable to different areas. These notifications are often published in official government publications or on government websites.
- **Public Access**: Property buyers, sellers, and professionals can access these notifications to determine the applicable Fair Value for their transactions.
Online Tools and Databases:
- **Availability**: Many state governments provide online tools or databases where users can search for the current Fair Value based on property location and type. This makes it easier for individuals to obtain the relevant information.
Professional Valuation:
- **Expert Input**: In some cases, professional valuers or appraisal experts may be involved to assess the fair value of a property, especially in cases of disputes or unusual properties where standard Fair Value may not apply.
Example:
If you are buying a property in Delhi and the circle rate for that area is ₹50,000 per square meter, this is the minimum value at which the property should be registered. If the actual transaction value is higher, the stamp duty will be calculated based on the higher value, but not lower than the circle rate.
Conclusion:
Fair value is a critical concept in property transactions to ensure transparency and fairness in the registration process. Governments fix this value through Fair Value and regular updates to reflect current market conditions, ensuring that property transactions are conducted fairly and that appropriate taxes are collected.
The Kerala government fixes the fair value for land, plots, and UDS (Undivided Share) based on the property's location. When registering a property at the designated SRO (Sub-Registrar Office), you must pay the stamp duty and registration fee based on this fair value. For houses or flats, in addition to the fee for the land component, an additional fee for the construction is required, adjusted for depreciation.
Find the registration fair value price in the following districts:
Fair value based on locality and street name is available in:
The Kerala State fair value search database includes locations such as:
Find the market fair value based on city and construction type in:
For property sub-registrar office fair values, check:
Search for fair value in locations such as:
Download the fair value data in Excel for cities including: