Section 575(2)(iii) in Kerala Municipality Act, 1994
(iii)all properties whether movable or immovable, and a// interests of whatever nature therein belonging as the case may be, to the Municipal Councils, Councils or a Township Committee at such commencement shall subject to all limitations conditions and rights or interest of whatever nature therein, belonging as the case may be, to the before such commencement, be deemed to have been transferred to and vested in the corresponding Municipalities constituted under this Act and in the case of such transfer to, and vesting in, more than one Municipality, to such extent as the Government may determine;