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Sunday, April 01, 2012

New Guideline Values from April 1, 2012 : Heavy Rush for Property Registrations


By on Sunday, April 01, 2012

All those registering properties from April 1, 2012 will have a new set of guideline values to adopt. The Tamil Nadu State Government will implement the values, which were revised last year, from April 1, 2012.

Details of the revised values can be accessed on www.tnreginet.net

http://www.tnreginet.net/Guidelinevalue2012/gvaluemainpage2011.asp

Officials in the Tamil Nadu Registration Department said,''The existing guideline values came into force in 2007 and were revised 3 years before that. Since the real estate &property sectors have grown tremendously since then, the TN government decided to revise the rates last year (2011)"

Expecting implementation of the new rates, registrations went up during the past 3 months (January to March 2012). The new guideline values are many  times higher than the existing rates in most places of state.

However, these will not affect the market value as transactions are based on the negotiation between the buyer and the seller and the demand in a locality.

Lands can be residential, agricultural, commercial, etc and the rates vary depending on the location, classification, etc. The rates are only indicative of the market trends..

With the new guideline values coming into effect from April 1, 2011, property registrations may slow down initially and then pick up.

The Tamil Nadu government has brought down the stamp duty by 1%. Earlier it was 6% plus 2% surcharge. Now, it is 5% plus 2% surcharge. This is expected to give little relief to those going in for registration.

With the revision and increased, the new guideline valuation of urban land will be up by  average 150% to 170% & rural land will be up by average  240 to 250%  agricultural land  land will be up by  average 260 to 270%.

For details Contact :
 O/o The Inspector General of Registration
No.100, Santhome HighRoad , Chennai 600 028. Ph : 91-44-24640160,
Fax: 91-44-24642774 ; Mail: grivcell@tnreginet.net

Disclaimer:
The Guideline Values hosted in government  web site are subject to confirm with the Registering Officers concerned.

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