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Tuesday, May 06, 2008
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Draft notification on land fair value

Special Correspondent

The public will get 60 days to file complaints or make suggestions

THIRUVANANTHAPURAM: The government issued a draft notification on Monday proposing specific fair values for landed properties all over the State.

The notification is of mammoth proportions, spread across 1,500 volumes. Volumes relevant to specific areas will be made available at the revenue divisional offices concerned for public scrutiny, a top official at the Registration Minister’s office told The Hindu.

The public will get 60 days to file complaints or make suggestions. These will be studied by the government within another 60 days before the final notification is issued, the official said.

The Cabinet will subsequently decide the date from which the notified fair values shall come into effect for land sale registrations. The official said that the Cabinet would also examine the pros and cons of bringing down the stamp duty on land deal registrations.

These initiatives are meant to prevent under-valuation of landed properties during the registration process to avoid payment of stamp duty due to the government. Under-valuation is a widespread practice, causing very high revenue loss to the exchequer.

Similar initiatives were taken by the previous United Democratic Front government some six years ago, only to be withdrawn a few months afterwards in the face of complaints about anomalies in fixing the fair values. The government has been more meticulous this time while preparing the draft notification, the official said.

“We will also be extremely diligent while taking decisions on suggestions from the public before issuing the final notification, so that it is made as scientific as possible,” he added.

Stamp duty on land deal registrations brought the exchequer a sum of Rs.1,873 crore in 2007-08.

Though the revenue had nearly doubled over the last two years from the level of Rs.988 crore in 2005-06, stamp duty evasion is as habitual a practice in the State as it had been all along. The new initiatives [if they succeed] are expected to boost the government’s revenue receipts substantially, the official said.

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