Check Guideline Value in Tamil Nadu Online: Latest Rates & Area-Wise List

Planning to buy property in Tamil Nadu? You'll need to understand some important legal terms that will affect your purchase. Terms like 'guideline value' and 'market rate' might seem confusing at first, but they're essential to making informed decisions in the Tamil Nadu real estate market.

This comprehensive guide will walk you through everything you need to know about Tamil Nadu guideline values - what they are, how they're determined, where to check them, and their impact on your property transaction.

What is Tamil Nadu Guideline Value?

The guideline value in Tamil Nadu (also called guidance value) is the minimum value assigned to a square foot of land in a particular area. This is essentially Tamil Nadu's version of what other states call the "circle rate."

Key points about guideline value:

• It applies to both vacant land and constructed properties
• No property can be registered below this minimum value
• It's used to calculate registration fees and stamp duty
• The Tamil Nadu state government fixes and periodically revises these rates

Guideline Value vs. Market Rate: Understanding the Difference

While the guideline value is the government-set minimum value, the market rate represents the actual transaction value - what buyers are willing to pay and sellers are willing to accept.

Important note: When registering property, stamp duty and registration fees are calculated based on whichever is higher - the guideline value or the market rate.

Who Determines Tamil Nadu Guideline Values?

The Department of Stamps and Registration, headed by the Inspector General of Registration (IGR), is responsible for:

• Setting the initial guideline values
• Periodically revising these values
• Ensuring values stay reasonably close to market rates

The goal is to minimize black money transactions while maximizing legitimate government revenue.

Problems When Guideline Value and Market Rate Differ

When Guideline Value is Lower than Market Rate:

• Government loses revenue on stamp duty and registration
• The difference is often paid in cash, creating unrecorded "black money" transactions
• Promotes tax evasion and illegal money transfers

When Guideline Value is Higher than Market Rate:

• Buyers pay higher stamp duty than warranted by the actual transaction
• Property sales become difficult
• Real estate market activity may slow down

How to Check Tamil Nadu Guideline Value Online

The Tamil Nadu government provides easy online access to guideline values through TNREGINET. Here's how to check:

1. Visit the official TNREGINET website (https://www.tn.gov.in/service/dept/92539/3932)
2. Click on the 'Guideline Value' button on the homepage
3. Select the time period for which you want the guideline value
4. Fill in your property details (zone, sub-registrar office, registration village)
5. Enter street name or survey number and click 'Search'
6. View the detailed area-wise guideline value information

The website also offers other useful services like:

• Building value calculation
• Stamp duty information
• Encumbrance certificate verification

Tamil Nadu Guideline Values in Major Cities

Chennai Guideline Values

As the state capital and major port city, Chennai has some of the highest guideline values in Tamil Nadu:

Coimbatore Guideline Values

Coimbatore is another major investment destination with varied guideline values:

Madurai Guideline Values

The historic city of Madurai shows significant variation in guideline values:

Trichy (Thiruchirapalli) Guideline Values

Trichy's real estate market is evolving with these guideline values:

For more information about Trichy real estate, check out our Trichy Real Estate Investment Guide.

Salem Guideline Values

The industrial city of Salem offers these guideline values:

Vellore Guideline Values

Home to prestigious institutions like VIT, Vellore has these guideline values:

Composite Value for Properties

The Tamil Nadu government has established composite values for properties on over 300,000 roads and streets across the state:

Key highlights:

• Composite values set for nearly 150,000 streets in Chennai
• Highest value: ₹28,500 per sq.ft. in the Boat Club area
• Registration charges example: A 1,000 sq.ft. flat on St. Mary's Road in Mylapore now costs ₹13 lakh (at 7% of composite value, fixed at ₹15,000 per sq.ft.)
• North Chennai's Muthialpet and T Nagar's Bazullah Road: ₹16,500 per sq.ft.
• Lowest values in suburban Tambaram: ₹3,800 to ₹6,000 per sq.ft.

Current Status of Market Value Guidelines (MVG)

The Tamil Nadu government is currently revising the Market Value Guidelines for immovable properties:

• New MVGs expected to be implemented by July 2024
• Revision based on the 2017 decision to reduce stamp duty by 33%
• Draft prepared according to Rule 4(2) of Constitution of Valuation Committee
• State-level Valuation Committee will approve the MVG
• Committee formed under Section 47-AA of the Tamil Nadu Act 13 of 2008

Recent Updates: 10% Increase in Chennai Guideline Values

As of July 1, 2024, the Tamil Nadu government has increased guideline values in Chennai by up to 10%:

This revision covers:

• 2.19 lakh streets
• Over 4.46 crore survey numbers and subdivisions
• Significant increases in core areas of Chennai, Trichy, Coimbatore, Vellore, and Salem

Factors Affecting Guideline Values in Tamil Nadu

Several key factors influence the guideline values set by the government:

1. Location: Areas with better infrastructure and amenities have higher guideline values
2. Land Use and Zoning: Commercial zones typically have higher values than residential zones
3. Infrastructure Development: Well-developed areas with good roads, water facilities, and public transportation command higher rates
4. Economic Factors: Overall economic stability, growth trends, and interest rates affect guideline values

Contact Information for Tamil Nadu Guideline Value Queries

If you have questions or need assistance regarding Tamil Nadu guideline values:

General Helpline:

• Phone: 044-24640160
• Email: [email protected]

For Complaints:

• Helpline Numbers: 9498452110/9498452120/9498452130
• Timings: 10:00 AM to 05:45 PM
• Working Days: Monday to Friday

Conclusion

Understanding Tamil Nadu guideline values is essential for anyone looking to buy or sell property in the state. These government-set minimum values serve as a benchmark for property transactions and directly impact the amount you'll pay in stamp duty and registration fees.

While the actual market rate of properties is often higher than the guideline value, knowing both figures helps you assess whether you're getting a fair deal. For example, in Nungambakkam, Chennai, the guideline value is ₹12,750 per sq.ft., but the market rate ranges from ₹13,000 to ₹50,000 per sq.ft.

By checking the guideline value before any property transaction, you ensure compliance with regulations while making an informed investment decision in Tamil Nadu's dynamic real estate market.

Frequently Asked Questions

1. What is the difference between guideline value and market value in Tamil Nadu?
Guideline value is the government-set minimum value for property registration, while market value is the actual transaction price determined by supply and demand.

2. How often are guideline values revised in Tamil Nadu?
Guideline values are typically revised annually, but the frequency may vary based on market conditions and government decisions.

3. Can I register property below the guideline value in Tamil Nadu?
No, property registration below the guideline value is not permitted by law in Tamil Nadu.

4. How do I calculate stamp duty for property in Tamil Nadu?
Stamp duty is calculated as a percentage of either the guideline value or market value, whichever is higher.

5. Are guideline values the same throughout Chennai?
No, guideline values vary significantly across different areas of Chennai, with premium localities having much higher values than developing areas.

6. What happens if I underreport the property value during registration?
Underreporting property value can lead to legal penalties, including fines and potential legal action for tax evasion.

7. Can I challenge the guideline value if I think it's too high?
You can appeal to the appropriate authorities, but success depends on providing substantial evidence to support your claim.

8. Does the age of a building affect its guideline value?
While the land's guideline value remains the same, the overall property valuation may be affected by the age and condition of the building.