State governments in India establish a minimum threshold below which properties cannot be registered at the time of title transfer in a certain location. This rate has several other names, including guideline value, circle rate, ready reckoner rate, etc. In Tamil Nadu, the use of the guideline value (GV) is more common. On the TNREGINET portal, you may view the recommended value. It is the official website of the Tamil Nadu Registration Department. Potential buyers must completely comprehend the GV before considering whether to buy a home in Tamil Nadu. It is important for everyone intending to purchase a home in Tamil Nadu to understand how the state’s minimum permissible price is established. This page will discuss the goals of the Guideline Value of Property Tamil Nadu 2024 and other pertinent information.
About Guideline Value of Property Tamil Nadu 2024
Indian state governments set a threshold below which properties cannot be registered at the time of title transfer in a certain place. Numerous names for this rate exist, such as “guideline value,” “circle rate,” “ready reckoner rate,” etc. Guideline value (GV) usage is more widespread in Tamil Nadu. You can view the guideline value on the TNREGINET portal. It is the Tamil Nadu Registration Department’s official website. The guideline value is normally less than market worth, though it may be greater. For registration reasons, a property’s value cannot be less than the guideline value. The fundamental objective of putting the guideline value into practice is to prevent stamp duty evasion. The government considers the following factors when determining the guideline value: community growth, previous sales at a specific survey number or street, etc.
Key Highlights of Guideline Value of Property Tamil Nadu
|Government of Tamil Nadu
|Name of Scheme
|Guideline Value of Property Tamil Nadu 2024
|The primary objective of implementing the guideline value is to prevent stamp duty evasion
|Market values are decided by buyers and sellers
|Residents of Tamil Nadu
Also Check: Tamil Nadu E District
Guidelines vs. Real Value
- While buyers and sellers determine market values, the government establishes guidelines.
- Guideline value, in contrast to market value, is constant unless changed by the government.
- There should be ideal rules and market rates.
- This is not how India is. The market value is typically greater than the recommended value.
- In a few exceptional cases, market value raises seller motivation, inflation, and city proximity.
- For a specific period of time and place, there are property rules.
- The suggested value is calculated and updated by the state government. In established residential zones or neighborhoods, streets determine the guiding ideals.
- The evaluation of those properties without clearly defined roadways will be done using survey data.
Before buying the land, check the value
Knowing a property’s benchmark value is important since it can be used as a reference point for upcoming sales.
- Is a significant deciding factor for people when purchasing real estate.
- It’s crucial when it comes to registration and stamps.
- makes it easier to pay the mandatory registration fees on time
- No chance for fraud or corruption.
- provides residents with information on property valuations so they can set reasonable asking prices when selling their homes
- In other words, neither the Actual value nor the market value will go below the established value.
An online land registry for Tamil Nadu is called TNREGINET. This lessens redundancy and assists in removing the phony document list. Through TNREGINET, we have internet access to public records.
How to Determine Value 2024
The government of Tamil Nadu offers free internet access to its property regulations. Tamil Nadu doesn’t require buyers of real estate to pay extra for official paperwork. The guideline value of a property is determined using two techniques. Two options:
- Address or street name
- Survey number
Begin by taking the following actions:
- You could start by visiting the TNREGINET Website
- You should look for a box marked “Guideline Search” on the Main Homepage.
- The survey number, together with your zone and village, must then be entered in a dialogue box that appears.
- You must wait for the acre and hectare figures to appear once you submit the application.
- The street name search option is also available on the left side of the page.
- When you do this, the street name, sub-registrar office, guideline value, and categorization will all be visible. The value of the guideline will also be shown.
- In a similar vein, the guideline value of any property can be found by type.
Steps for Logging under the TNREGINET
The fundamental actions that will guide you through the procedure are as follows:-
- Open your web browser and type TNREGINET into the search bar to go to the official TNREGINET website.
- The login page is located in the top right-hand corner of the site.
- Enter the code that is on the image in addition to your username and password in the spaces provided.
- You will be sent to your account after using the provided button to log in to the website. You can get access to the information you need from there.
Online Portal Registration for TNREGINET
- Visit the webpage for the TNREGINET official website. There will be a Homepage.
- From the drop-down option in the menu bar, select user registration.
- Choose a citizen, document writer, or lawyer based on your requirements.
- Based on the terms and conditions of the website, select a username and password, and then confirm the password.
- Enter your contact, personal, and other information. State, District, Address, Postal Code, and Mobile Number Then click “Complete” after entering the security code and OTP.
Influences on Tamil Nadu’s Value of Mentorship
The Guidance value of commercial properties is higher than that of private dwellings, according to official state figures. The government of Tamil Nadu considers a number of factors while determining Guidance value, including the type of property, the area’s market value, and the condition of the local infrastructure.
- The Guidance Value, for instance, varies from a minimum of 40 per square foot to a high of 23,500 per square foot in Chennai. In the entire state of Tamil Nadu, Chennai has the highest recommended price per square foot, which is set at 23,500.
Guideline Value Estimates and Effects in Tamil Nadu
One of two outcomes is possible:
- The real estate market’s role in facilitating the movement of illicit funds.
- The State Government’s Loss in Money
Movement of Illicit Funds
There are many real estate deals where only the property guideline value is included in the sale contract and all payments are in cash when the property guideline value is less than the market value. The difference between a property’s market value and its recommended value is referred to as the transaction’s “making business” and is occasionally used to conceal illicit monies.
The Financial Loss of the State Government
Stamp duty and other property registration fees are calculated using the Property Guideline Value. The various state governments would lose money if the property guideline value is less than the market value while yet being regarded as the same.
Tamil Nadu’s 2020–21 Guideline Value
- The document has not had any revisions since 2017.
- The government of Tamil Nadu has decided to reduce the guideline prices for property registration by a percentage equal to 33 percent after several years of declining real estate transactions. The updated regulations went into effect on June 12, 2020, following a decision made during a cabinet meeting.
- It is predicted that this adjustment will make it easier to transact real estate in many rural areas where guideline values have consistently been higher than market values. In order to make up for the potential loss in revenue, the government increased the registration fee for conveyance, exchange, gift, and settlement in favor of non-family members’ deeds from 1% to 4%. The charge was formerly simply 1%, thus this increase was implemented in response.
- Savings will only occur if the revised value is nearly market value. If the property is sold for the revised guideline value, the seller may be eligible for long-term capital gains.
- For complaints and queries related to the registration department, contact: 9498452110/ 9498452120 / 9498452130
- (Except for government holidays, you can contact me from Monday to Friday from 10 am to 5.45 pm)
Guideline Value of Property Tamil Nadu FAQs
The reference value is in rupees per square foot or per acre. For urban areas, it might be expressed in “per Sq. Ft.” Additionally, it might be given “per Sq. Ft.” for developed plans. Acres will be divided into units for both agricultural land and undeveloped lands.
The Tamil Nadu Guidance Value is determined by the Department of Stamps and Registration. This section is under the control of the Inspector General of Registration (IGR).
The need for an established and current guideline value stems from the following factors:
It helps you calculate and assess all of the advantages and disadvantages of purchasing a home.
Both buyers and the authorities benefit from its assistance in comprehending and identifying undervaluation of properties.