THIRUVANANTHAPURAM: The registration fee and stamp duty for land transactions went up by 50 per cent in the state effective Monday.
With the State Government bringing out the notification by increasing the fair value of land by 50 per cent from Monday onwards, transactions charges have gone up across regions in the state.
However on the first day of increased transaction charges, there was a slump in transactions, reported the sources. “It may take a couple of days to assess the situation. Land buyers have have to come to terms with the increase in the registration fee and stamp duty due to the 50 per cent increase in fair value,” they pointed out.
The ordinance amending the Kerala Stamp Act 1959 has also come out.
The new amendments include an additional option to file review petition in appeals on fair value, already settled by the District Collectors. As per the amendments, review petitions can be filed before the District Collectors.