Section 5(3) in The Kerala Buildings (Lease and Rent control) Act, 1965
(3)If there is no property tax or house tax fixed for the building or if it is not based on a rental basis or if the building in an area which is not a City, Municipality, Panchayat or in any other local authority, the fair rent shall be fixed after taking into consideration the prevailing rates of rent in the locality for similar accommodation in similar circumstances during the twelve months preceding the letting.
