Buying a property is always considered a good investment. If the individual is planning to invest in a property, then he should be aware of all the legal terms related to property. In India, every state government has decided its own rate, and property buyers can not register for a property that is below the guideline value. This rate is known by different names in many places such as guideline value, circle rate, ready reckoner rate, etc. In Tamil Nadu state of India rate is called a guideline value. Every interested buyer should be aware of the procedure to check Tamil Nadu Guideline Value. People in the state can check the guideline value on the TNREGINET portal. TNREGINET portal is the official portal of the Tamil Nadu Registration Department.
The guideline value helps in avoiding stamp duty evasion. Many factors are considered by the government at the time of finding out the Guideline Value. The factors are Development in a neighborhood, previous transactions at a specific survey number or street, etc.
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Tamil Nadu Guideline Value 2024
Guideline value is the rate that the government fixes and is the minimum value of a property. The guideline value of the property helps the buyer to take a decision about property. With the help of the guideline value, the registering officer can find the undervaluation of property for evasion of registration fees. If in any case guideline value is extremely more than the market value then the particular District Registrar, Inspector General of Registrations, and Deputy Inspector General of Registration have to be informed on time so that the corrections can be made accordingly. If the individual buys property at a higher value than the guideline value then the registration will be based on the higher value.
Friends If the sale of a property is below the guideline value, then stamp duty and registration charges based on this minimum value must be paid. The Tamil Nadu state government revises guideline values from time to time.
Who Determines the Tamil Nadu Guideline Value?
The Department of Stamps and Registration has the responsibility to determine the Tamil Nadu Guideline Value. The Inspector General of Registration (IGR) is the head of this department that revises the guidance value of the state from time to time. According to the authorities, the guidance value must be near market value.
Tamil Nadu Guideline Value Based on Land Availability
Tamil Nadu state has more than 50,000 sq. miles. According to estimations, land usage in percentage throughout the state is as follows-:
- 16.55% of forest land
- 33.4% in small crops area
- 1.78% in large crops area
- 36.63% in residential areas
- Remaining (about 11 %) of the government
Tamilnadu Engirundhum Ennerathilum Scheme
Importance to Know a Property’s Guideline Value
It is very essential to find out the Guideline Value of the property. The reasons to know Guideline Value are as follows-:
- It is very beneficial for the buyer to take purchase decisions
- It plays important role in stamps and registration.
- The registering officer can find the undervaluation of the property with the help of Guideline Value.
- It makes sure that residents pay the mandatory registration fees
- It also helps to remove corruption and fraud in land-related transactions.
TNREGINET
Tamil Nadu government provided an online registration facility for land records. TNREGINET, the online facility is beneficial in removing the false document list from the record. The rate of duplication is also reduced with the use of the portal. Records of the property can be seen on the TNREGINET login page.
Steps to Find Tamil Nadu Guideline Value for Property
- Go to the TNREGINET official page.
- The home page will open the screen.
- You will see the option of ‘Guideline value’ on the home page.
- The other option is to search through the tab ‘Guideline Search’.
- Select this tab and fill in the required details.
- After your selection of ‘Guideline value’ on the homepage, you are directed to the page that offers you the (time) period for which you want the Tamil Nadu guideline value of the property.
- Now you must select the period from the table.
- After selecting, a new page will open on the screen.
- Now you have to fill in your property details like street name or survey number.
- Then select the zone, sub-registrar office, and registration village.
- After that, you must select the option of ‘search’. You can also ‘reset’ if you want to do any alterations to the information.
- Next, you will see detailed area-wise information on the screen.
Process of logging in TNREGINET
- Go to the official website of TNREGINET.
- The home page of the website will open on the screen.
- You will see the login page on the right side of the homepage.
- Enter your username and password in the space given.
- Enter the code shown in the picture in the space given.
- Click on the option of login.
- After clicking the login option, you will reach your account, where you may access the necessary information.
Conclusion
Tamil Nadu guideline value helps to know the government valuation of a property. It is the lowest value at which a property is sold. Guideline value is important at the time of the payment of stamp duty and registration charges. With the help of guideline value, both the buyer and the authorities can detect the undervaluation of properties.