Tamil Nadu Guideline Value Test Online | Know the process Find Property Guideline Value in Tamil NaduDistrict & Street wise
Thinking of investing in some real estate in Tamil Nadu? Then you need to familiarize yourself with the legal provisions related to this property. The words “Tamil Nadu Circular Rates,” “Tamil Nadu Guideline Value” and “Tamil Nadu Market Value” you may be familiar with. These may be difficult to grasp at first. Once you establish a firm understanding of the differences between these, you will feel more at ease when conducting business. Everyone who wants to buy a home in Tamil Nadu should be familiar with the state’s minimum acceptable price determination process. This article will be about the Tamil Nadu guideline value, its objectives and all relevant details.
Tamil Nadu Guideline Value 2022
Before talking about the scheme, let us understand some terms. The estimated market value of a land based on official data is called “guideline value”. So guidelines = market value. Guideline value is usually lower than market value. The value of a property should not be less than the guideline value for registration purposes. The main objective of implementing the guideline value is to avoid evasion of stamp duty. The government takes into account the following factors while setting the guideline value: neighborhood development, prior sales in a given survey number or street, etc.
The guideline value of a property has a significant impact on the choice to purchase it and the subsequent registration of that property. The registration officer can use the guideline value to find properties that are depreciating to avoid payment of registration fees. If the guideline value is more than the market value, the appropriate District Registrar, Inspector General of Registration and Deputy Inspector General of Registration should be informed so that the disparity can be rectified.
In urban areas, the guideline value may be one for a section of a street or the entire street. This is true even if plots/land parcels in the same street/area have different survey numbers. Price per square meter or acre is presented as the basis of recommended value. Cities and towns may use square feet, while developed areas may use square feet. For agricultural land and undeveloped land, the unit of measurement shall be “per acre”.
The project will help Tamil Nadu in Engirunth and Enaram for transfer of titles
Guidelines vs. Actual Value
- The government sets guideline values, while buyers and sellers decide market values.
- Unlike the market value, the guideline value does not change unless the government decides to revise it.
- Appropriate guidelines and market prices should prevail.
- India is not like this. The market value is usually higher than the guideline value.
- In rare cases, inflation, seller motivation, and city proximity have all increased market value.
- Property laws are specified for a specific time and place.
- The value is calculated and updated as recommended by the State Government. Streets are determined by guideline values in established residential neighborhoods or zones.
- Survey numbers are used to assess those properties without clearly defined streets.
Tamil Nadu Guideline value should be seen before buying land
The importance of knowing the benchmark value of a property lies in the fact that it can be used as a benchmark for future sales.
- It is an important factor in the final decisions of consumers before buying property.
- When it comes to stamps and registration, it is very important.
- Facilitates timely payment of required registration fees
- There is no possibility of cheating or cheating.
- Helping local residents learn about property values so they can set fair prices when selling their homes
- In other words, the actual value or the market value may not be below the guideline value.
TNREGINET It is an online land register registered in Tamil Nadu. This helps to remove duplicate document list and reduce duplication. We can access online government records through TNREGINET.
How to assess Tamil Nadu Property Guideline Value?
Tamil Nadu Government allows you to check property guidelines online for free. People who want to buy property in Tamil Nadu need not spend extra money on government documents. Two methods determine the guideline value of an object. Two choices:
- Street name or address
- Survey no
Start with the following steps:
- On the main homepage, you should look for a box labeled “”.Guided search.”
- Then a dialog box appears where you have to enter the survey number and your zone and village.
- After you submit your application, you need to wait for the acre and hectare values to display.
- You also have the option to search by street name on the left side of the page.
- When you do this, the street name, sub-registrar’s office, guideline value and classification will all be displayed. Also, the guideline value is displayed.
- In a similar way, the guideline value can be found according to the type of any object.
Online Portal Registration of TNREGINET
- Go to TNREGINET’s website. A homepage will appear.
- Select User Registration from the menu bar.
- Based on your needs, choose a citizen, document writer or lawyer.
- Choose a username and password based on the website’s terms and conditions, then confirm the password.
- Fill in personal, contact and other information. State, District, Postal Code, Address, Mobile Number. Enter the security code and OTP and click “Finish”.
Logging into TNREGINET
Following are the basic steps that will serve as your roadmap through this process.
- To access the official website, open your web browser and enter TNREGINET in the search bar.
- On the homepage, the login page can be found at the top right corner.
- In the spaces provided, enter not only your username and password, but also the code displayed in the image.
- When you login to the website using the button provided, you will be taken to your account. From there, you can access the information you need.
Estimates and Implications of Tamil Nadu Guideline Value
The results can be one of two types:
- Role of real estate market in facilitating movement of illicit funds.
- Loss of money to the state government
- Disposition of unauthorized funds
If the property’s guideline value is less than market value, there are many real estate deals where the sales contract only mentions the property’s guideline value and all payments are made in cash. The discrepancy between the market value of a property and the guideline value is known as “making business” of the transaction and is sometimes used to launder illicit funds.
- Loss of money to the state government
Property guideline value is used to determine stamp duty and other property registration fees. If the guideline value of the property is less than the market value and treated as such, it will result in loss of revenue to various state governments.
Impact on value of mentorship in Tamil Nadu
According to official state statistics, the guideline value of commercial premises is higher than that of private residences. While setting the guideline value, the Tamil Nadu government takes into account various variables, including property type, market value of the area and the state of infrastructure in the area.
For example, in Chennai, the guidance value ranges from Rs 40 per sq ft to Rs 23,500 per sq ft. The highest recommended price per square foot anywhere in Tamil Nadu can be found in the city of Chennai, where it stands at Rs 23,500.
Tamil Nadu Guideline Value 2020-21
- Since 2017, no further revisions have been made to the document.
- After years of declining real estate transactions, the Tamil Nadu government has decided to reduce the guideline values for property registration by a percentage equivalent to 33 percent. After a resolution was passed in the cabinet meeting held on June 12, 2020, the revised rules came into force on the same day.
- In many rural towns, where guideline values are consistently higher than market value, this change is expected to reduce barriers to block property transactions. To offset the potential loss in revenue, the government has increased the registration fee for transfers, transfers, gifts and settlements in favor of deeds by non-family members from 1% to 4%. The hike was in response to the earlier charge of just 1%.
- Savings will only occur if the new value is actually market value. If the property is sold at the amended guideline value, the seller may be entitled to long-term capital gains.