[ecis2016.org] If you are investing in a property in Tamil Nadu, you need to be aware of the latest guideline value fixed by the state government. In this article, we provide a step-by-step process on how to find the guideline value for a property in Tamil Nadu through TNREGINET portal.
State governments in India fix a rate, below which properties cannot be registered in a particular location at the time of title transfer. This rate is known by various names, including guideline value, circle rate, ready reckoner rate, etc. In Tamil Nadu, the usage of guideline value (GV) is more common. The TNREGINET portal allows you to check the guideline value. It is the official portal of the Tamil Nadu Registration Department.
You are reading: Guideline Value in Tamil Nadu 2021: All you need to know
Prospective buyers must know all about the GV before they make up their mind to buy a property in Tamil Nadu. To help such buyers, we provide a step-by-step process on how to find the guideline value for a property in Tamil Nadu, based on which the stamp duty on property transactions is calculated.
Guideline value definition
Guideline value is the minimum value of a property, as fixed by the state government, at which property can be registered. If the sale of a property takes place at a value higher than the guideline value, the registration will be based on the higher value. However, if you buy a property below the guideline value, you will be required to pay stamp duty and registration charges based on this minimum value.
Guideline value Tamilnadu 2021: How to find land guideline value in Tamil Nadu?
So far, the guideline value/ guidance value for 2.19 lakh streets and 4.46 billion field numbers / subdivision numbers is available on the department’s website.
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Login to the TNREGINET website
To know the TNREGINET guideline value Tamil Nadu in 2021 for various districts, all you need to do is to go to the official website of the Registration Department know as TNREGINET website. One of the tabs on TNREGINET portal is ‘Guideline Value’. Feed in the details here. Note that content on the website is available in both Tamil and English. You can change the language as per your preference when searching for TNREGINET guideline value.
Details required to search for TNREGINET guideline value by street name
Or, you may also try:
Enter Street or Survey Number, choose the criteria and proceed. Hit ‘Search’ to see the street-wise details of guideline value in Tamil Nadu. Click on the one you are seeking information about.
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Guideline value: Why is it important?
Having an established and updated guideline value is necessary, for the following reasons:
- It helps you to estimate and calculate the overall pros and cons of a house purchase decision.
- It plays an important role, when it comes to the payment of stamp duty and registration charges and is a source of revenue. At the same time, it helps both, the authorities and buyers, to understand and detect undervaluation of properties.
- It keeps fraud in check. Those who try to avoid paying the registration charges can be tracked and therefore, this gets rid of corruption and scams with regard to land-related deals, to an extent.
- It is also a good index that helps buyers understand land value as to price their properties competitively.
TNREGINET Guideline value: How to view encumbrance certificate?
On the official TNREGINET website, click on the ‘E-Services’ tab and go to ‘View EC’. Input the details, either document-wise or plot/flat-wise and add details of the zone, district, EC start date, its end date, survey details, verification code and then click on submit, to view the encumbrance certificate.
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Guideline Value Tamil Nadu 2021 latest updates
TN govt to set up SIT to probe property registrations
Following allegations of irregularities in the registration of immovable properties in the past, the TN government recently announced the setting up of a special investigation team (SIT) to probe and submit a report to the government. The TN government has also planned to form a high-level committee to restructure the guideline value for registration of sale deeds of properties, to resolve the discrepancies. The TN guideline value had witnessed a sharp rise in 2012 and later was reduced by 33% by the previous government.
After 2003, revisions in the guideline values happened in 2007, 2012 and then, in 2017. Since 2017, there has been no further revision, so far. In fact, in 2017, the state cabinet decided to cut the guideline values by 33%. A committee under the inspector-general of the Registration Department had recommended this reduction.
At the same time, the registration fee was increased from 1% to 4%. In short, stamp duty and transfer of a property is now attracts 7%+4% tax (i.e., 11%), as against the 7%+1% (i.e., 8%) earlier. It is important to note that any cut in stamp duty, if coupled by a raise in registration fee, would only offset the savings that a buyer would have got. Cost of acquisition of a property, therefore, is higher.
Registration fee cut, JV registration made mandatory in state
The registration and finance departments of Tamil Nadu are planning to cut the registration charges of joint venture (JV) projects, which forms the bulk of residential and commercial development being undertaken in the state. From 11% of the guideline value, the new registration value may come down to only 2% of the guidelie value for JV projects. This will encourage more and more JV projects to get registered and it would add to the state’s revenue. The plan, however, is not final yet.
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Are registrar offices in TN open on holidays?
Given that many home buyers may wish to register their properties on auspicious days, the Commercial Department has directed registrar offices to work during three national holidays, including Tamil New Year (Chithrai Mudhal Naal – April 14, 2021), Aadi Perukku (September 8, 2021) and Thai Poosam (January 18, 2022). The department may or may not collect an additional charge for registrations on these days and this will depend on further directions.
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When was the Guideline Value in Tamil Nadu last revised?
Guidance Value for properties in Tamil Nadu was last revised in 2017.
What is the impact of guideline value revision on property buyers?
It is believed that any cut in guideline value will bring down property prices. However, property value is also determined by other factors, such as registration charges.
Where can I address queries regarding Guideline Value in Chennai?
You can call on 18001025174 or write to firstname.lastname@example.org
(With inputs from Harini Balasubramanian)
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