The Guideline Value of Property in Tamil Nadu 2024 plays a crucial role in determining the minimum price at which a property can be sold. The guideline value, also known as the circle rate, is set by the government to ensure fair property transactions and to curb undervaluation during registration. If you’re planning to buy, sell, or register property in Tamil Nadu, knowing the guideline value is essential.
In this article, we will guide you on how to check the guideline value of properties in Tamil Nadu using the official government portal tnreginet.gov.in. You can search for property values by street name, village, or survey number, making the process simple and accessible for all property buyers and sellers.
What is Guideline Value?
The Guideline Value is the minimum price at which a property can be registered for sale in Tamil Nadu. It is determined by the Inspector General of Registration (IGR) and reflects the property’s market value in that area. The value varies from area to area, depending on the location, infrastructure, and demand for real estate.
Why is Guideline Value Important?
- Fair Property Transactions: It ensures that property buyers and sellers engage in transactions that are transparent and based on the real market price.
- Prevents Undervaluation: By setting a minimum price, it curbs the practice of underreporting property values to evade taxes.
- Stamp Duty Calculation: The guideline value is crucial for calculating the stamp duty and registration fees payable during property registration.
- Property Loan Approval: Banks often refer to the guideline value while approving home loans to ensure the property’s value is in line with the loan amount.
Key Features of Tamil Nadu Guideline Value System 2024
| Feature | Details |
|---|---|
| Guideline Value | Minimum value at which property can be registered in Tamil Nadu |
| Authority | Inspector General of Registration (IGR), Tamil Nadu |
| Website | tnreginet.gov.in |
| Search Options | By Street, Village, or Survey Number |
| Uses | Property transactions, stamp duty calculation, loan approvals |
| Data Availability | Available for all districts and regions across Tamil Nadu |
| Updates | Regularly updated based on market conditions and government policies |
How to Search Guideline Value of Property in Tamil Nadu for 2024
The government of Tamil Nadu provides a simple online platform through tnreginet.gov.in, where you can easily check the guideline value for properties. You can search by street name, village, or survey number to find the minimum price of property registration.
Follow these steps to check the guideline value online:
Step 1: Visit the Official Portal
- Open your browser and go to the official Tamil Nadu Registration Department website: tnreginet.gov.in.
Step 2: Navigate to the ‘Guideline Value’ Section
- On the homepage, scroll down to find the ‘Guideline Value’ section.
- Click on the option labeled ‘Search Guideline Value’.
Step 3: Choose Your Search Method
You will be given three options to search the guideline value:
- By Street Name
- By Village Name
- By Survey Number
Choose the option that best suits the details you have for your property.
Step 4: Enter the Details
- Street Name: Enter the street name of the property’s location.
- Village: If you have village details, select the correct village from the dropdown menu.
- Survey Number: Enter the exact survey number of the property for accurate results.
Step 5: View Guideline Value
After entering the relevant details, click on ‘Search’. The system will display the guideline value for the selected property in that particular street, village, or survey number. You will also see related information such as property classification and the applicable market value.
Benefits of Using tnreginet.gov.in for Guideline Value Check
- User-Friendly Interface: The website is easy to navigate and provides multiple search options, making it accessible for everyone.
- Accurate Information: The portal offers the most up-to-date and accurate guideline values for properties across Tamil Nadu.
- Time-Saving: Instead of visiting government offices, users can quickly check property values online from the comfort of their home.
- Transparent Transactions: Knowing the guideline value helps in negotiating fair prices and ensuring transparency in property transactions.
How to Calculate Stamp Duty Using Guideline Value
Once you know the guideline value of your property, you can calculate the stamp duty that needs to be paid during the property registration process.
Stamp Duty Calculation:
The stamp duty in Tamil Nadu is 7% of the higher value between the market value and the guideline value of the property. Here’s how to calculate it:
- Check the Guideline Value: Let’s say the guideline value of a property is ₹5,000 per square foot, and the property size is 1,000 square feet. So, the total value is ₹5,000 x 1,000 = ₹50,00,000.
- Compare with Market Value: If the market value of the property is ₹60,00,000, you’ll have to calculate the stamp duty on the higher of the two (₹60,00,000).
- Calculate Stamp Duty:
Stamp Duty = 7% of ₹60,00,000 = ₹4,20,000
Thus, the stamp duty payable for this property is ₹4,20,000.
Frequently Asked Questions (FAQs)
1. What is the guideline value of property in Tamil Nadu?
The guideline value is the minimum price at which a property must be registered in Tamil Nadu. It is set by the government and can vary based on location, street, and survey number.
2. How is the guideline value different from the market value?
The guideline value is set by the government and is often lower than the actual market value, which is determined by demand, location, and other factors in real estate markets.
3. Can I check the guideline value of any property online in Tamil Nadu?
Yes, you can check the guideline value of any property in Tamil Nadu by visiting tnreginet.gov.in and searching with the property’s street, village, or survey number.
4. How often is the guideline value updated?
The guideline value is typically updated periodically by the Tamil Nadu government to reflect changes in the property market. It’s advisable to check the official portal for the latest updates.