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What's Guideline Value?
Guideline Value is the Value of a Property fixed by the Government. Property buyers can not register below the Guideline Value. But, there is no bar for registering the property at Market Value which may be above the Guideline Value. The primary purpose of fixing the Guideline Value is to prevent evasion of Stamp Duty.
Why Should One Know the Guideline Value for a Property?
Guideline Value Expressions
Guideline Value is expressed as Rs…………per sq.ft or Rs……….per Acre. For Cities and Towns and for developed Layouts, it may be in ‘per sq.ft’. For Agricultural Land or Undeveloped Lands it will be in ‘per Acre’
In Cities and Towns for an entire stretch of a Street or part thereof, may have the same Guideline Value. This is so even if the Survey numbers are different for different plot/land parcel in that Street/Locality.
How to Know the Guideline Value of a Property
REGINET is the official website of the Registration Department. From this website, one can find the Guideline Values for the Survey Numbers and Streets. Required Data has to be input in this portal to get the Guideline Value. For this, one should know the Survey Number, Street Name or Village Name, and the Name of the Sub-Registrar Office. These details will be available in the Schedule of Property attached at the end of any Sale Deed.
Hike in Guideline values in Tamilnadu
In many areas of Chennai, the public raised objections over the New Guideline Values. The Guideline Values continue to be higher than the market value.
According to reports, the panel appointed by the department has so far done a downward revision of guideline values for 89 survey numbers. Throughout the state, several thousand petitions seeking downward revision are still pending. The Department told the Deputy Registrars to look into the complaints. The District-level Committees have to send the recommendations to the State-level Committee.
This increase has resulted in fall in registration at the outset. But, it has some benefits also, especially for those who go in for Bank finance. They can now get better quantum of finance. Because the Banks sanctions Housing Loans on guideline value and not on the Market value.
Guideline Value Revision
The New Revision Will Further Dampen the Real Estate Market
Effect on Property Prices as a Result of the Revision
Impact on Housing Loan Applicants
Who will Benefit?
Only in places, where the new Value after this Revision is almost at par with the Market Value, there will be a slight saving.
Also, if the Property is sold at the Revised Guideline Value, the Seller may benefit by way of Long Term Capital Gains, calculated based on Guideline Values only.