Property

Know About The Property Guideline Value In Tamil Nadu – tnreginet.gov.in

The most recent guideline value set by the state government must be known if you plan to invest in real estate in Tamil Nadu. In this article, we outline the importance, procedures, and more about the property's guideline value in Tamil Nadu.

What do You Mean by Property Guideline Value?

The minimum price at which a property can be registered, as determined by the state government, is known as the “guideline value.” The Property Guideline Value In Tamil Nadu has important aspects for real estate business.

The registration will be based on the higher value if the sale of a property occurs at a price higher than the guideline value. Moreover, you will be liable for stamp duty and registration fees based on this lower limit if you purchase a property below the guideline value. 

Guideline vs Market Value

As was already mentioned, the government determines the guideline value, whereas the seller determines the market value. Both of these values must be present in a perfect location. In India, though, it doesn’t happen very often. The guideline value is typically much less than the market value. We occasionally find that the market value is higher because of inflation, the seller’s personal interest, and proximity to major cities. The Property Tax Chennai values are set for specific time periods and remain constant in a specific area. The State Government performs the calculations and subsequent updating of the recommended value.

How Important Is Guideline Value?

  • A guideline’s value is important because it represents the lowest price at which a piece of property can be bought or sold
  • As a result, your property will have a minimum guaranteed value when you sell it
  • When buying or selling a home, it is a crucial factor
  • Guideline values are one of the state’s most significant revenue sources.
  • More registrations lead to greater revenue collection
  • A property or area that has been developed well has a higher value of a guideline, whereas a property or area that has not been developed well has a lower amount of a guideline
  • More registrations translate into a higher revenue collection
  • A property or area that has been developed well seems to have a greater guideline value than one that has not been developed well
  • Any state’s Patta Chitta online and Registration Department determines the worth of a guideline. 
  • The registration value is based on a guideline’s value
  • Even if you paid less for the property when you bought it, you must still list the sale price as the guideline price
  • When a property is bought for more money than the value of a guideline, the transaction is recorded using the market value
  • It facilitates avoiding both undervaluation and overvaluation of Real estate consultant services in 2022.

How to Check Guidance Value Online? – tnreginet.gov.in

  • On the internet, you can research the worth of a guideline in Chennai.
  • The value of a guideline at a location is determined by the street number or survey number of that location
  • Additionally, it depends on how the neighborhood evolves
  • As was already mentioned, more developed regions place a higher value on guidance. Understand the Property Value in Tamil Nadu Online before Investing in any Real eState Project.

How to determine a land’s guideline value in Tamil Nadu in 2021.

The department’s website currently has the guideline value/guidance value for 2.19 lakh streets and 4.46 billion field numbers/subdivision numbers.

  1. The TNREGINET website’s login page
  2. Visit the Registration Department’s official website, also known as TNREGINET, to learn the TNREGINET guideline values for each district in Tamil Nadu for 2021.
  3. Guideline Value is one of the tabs on the TNREGINET portal. Enter the information here. 
  4. It should be noted that the website offers content in both Tamil and English. If you prefer a different language when searching for TNREGINET guideline values, you can change it.
  5. Enter your zone, village, and survey number in this dialogue box.
  6. Submit the form at this point, and then wait for the value for an acre and hectare to appear.
  7. You can also search by street name using the options on the left side.
  8. Click on Search and type the entire street name or a portion of it.
  9. By doing so, information about the guideline value, including the street name, sub-registrar office, guideline value, and classification, will be displayed.
  10. The guideline value can also be found by category, such as commercial, residential, industrial, and agricultural.

How is the guidance value determined?

  • The property guideline value is determined by the Department of Stamps and Registration
  • The Inspector General of Registration is in charge of the Tamil Nadu government’s registration department (IGR)
  • Real estate taxes, stamp duties, and registration fees are major sources of income for the state government.
  • The government is also in charge of periodically updating the guideline value and making sure that it is, to a large extent, comparable to current market rates
  • The goal of this effort is to reduce the use of black money while also making sure that there is no adverse effect on revenue.

Chennai Guideline Value has Recently Undergone an Update

  • The government increases the value of the recommendation each year
  • The Tamil Nadu government has decreased the value of a guideline in Chennai by 33.33 percent
  • The registration fee has increased from 1 percent to 4 percent. Additionally, the stamp duty was raised to 8%
  • The cost of buying real estate will therefore increase, favouring the seller rather than the buyer. There are many different kinds of regulations in Chennai.
  • It costs between ₹40 and ₹23,500 per square foot
  • At ₹23,500 per square foot, Chennai is the first city in Tamil Nadu to have the highest value of a guideline
  • With 31.7 basis points of all the streets in Tamil Nadu, Chennai is the city with the most streets
  • In order to help the state’s urban poor, the Tamil Nadu government recently established a state shelter fund
  • Properties with an area larger than 3,000 square meters must pay shelter fees ranging from 1% to 3% of the property’s value of a guideline per square meter.

Conclusion:

The guideline value is the lowest price at which a property can be registered, as determined by the state government. The registration will be based on the higher price if a property is sold for more money than the suggested price.  You will be required to pay stamp duty and registration fees based on the amount you pay if you purchase a property for less than the guideline value. If you are looking for the best legal advisor to take you through the process, it’s great to connect with Vakilsearch, India’s number one legal service provider and the right legal companion for any legal registration paperwork.

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