Kochi: The Kerala Cabinet has decided to hike the fair value of land by 50 per cent across the state, part of measures aimed at increasing the state’s revenue.
The state government was targeting an additional revenueof Rs 500 crore by the way of stamp duties accrued through this measure. The minimum price for the registration of land is the fair value fixed by the government.
The Cabinet approved the suggestions submitted by a sub-committee in this regard, said chief minister Oommen Chandy. He said the hike in land registration fee and stamp duty will not be reduced or withdrawn, reacting to reports the today’s Cabinet will consider reduction in rates on account of public protests. Denying them, Chandy said the hike will be effective from today.
Earlier, Cabinet decided to raise the registration fee for land deals in the state to one per cent of the fair value of the land. And the government withdrew the maximum ceiling of Rs 25,000 for land registrations.