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Section 97: Payment of purchase price

The Kerala Land Reforms Act, 1963 (No.1 of 1964)State Act of Kerala · Act 1 of 1964

( I) The purchase price of the land assigned on registry under section 96 shall be an amount equal to fifty­ five per cent of the market value of the land and improvements, if any, thereon, and shall be payable either in lump or in sixteen equal annual instalments. The assignment shall be made on payment of the purchase price either in lump or the first mstalment thereof.

(2) Where the purchase price is payable in instalments, the amount outstanding after payment of each mstalment shall bear inte­ rest at the rate of 4! per cent per annum.

(3) All amounts due from an assignee shall be a first charge on the land assigned and shall be recoverable as arrears of land revenue under the Revenue Recovery Act for the time being in force.

Where this provision sits

ActThe Kerala Land Reforms Act, 1963 (No.1 of 1964)
Section97
Marginal notePayment of purchase price
JurisdictionState of Kerala
StatusIn force as published by the source

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