1. Tamil Nadu government slashes property guideline value by 33 percent

Tamil Nadu government slashes property guideline value by 33 percent

Registration fee, for sale, exchange, gift and settlement documents will now be four percent as against the existing one percent.

By: | Chennai | Published: June 8, 2017 8:17 PM
Tamil Nadu government, Chief Minister K Palaniswami, property guideline value, Tamil Nadu Tamil Nadu Chief Minister K Palaniswami. (PTI)

Tamil Nadu Cabinet today decided to slash property guideline value by 33 per cent and hike the registraiton fee for properties effective tomorrow. Registration fee, for sale, exchange, gift and settlement documents will now be four percent as against the existing one percent. The cabinet meeting chaired by Chief Minister K Palaniswami decided to give effect to the changes from tomorrow, an official release said.

A committee headed by the Inspector General of Registration Department had recommended reduction of the guideline value for registration of properties by 33 percent. The panel’s decision fulfils the electoral promise made by of the ruling party in the last year’s Assembly polls that the fixation of guideline values will be restructured, the release added.

The hike in registration fee is to offset the loss of revenue that would accrue due to the cut in guideline values, the release said.

  1. S
    shankar
    Jun 10, 2017 at 8:43 pm
    does this mean that you can register a property which is sold for 1 cr at a guideline value of 30 lkahs. and pay stamp duty on the same
    Reply
  2. R
    Rajasekar Venkatesan
    Jun 10, 2017 at 5:41 am
    shame on the part of the government to adopt such tactics to increase price and allow discount - thus making no benefit to the buyer (common man here)
    Reply
  3. P
    PY
    Jun 9, 2017 at 8:00 am
    There is no benefit for a common man on this revision as the current tax and proposed tax revenues are ensured... Intent of this change with immediate effect - difficult to understand it and may need furher debriefing or coverage of FE...
    Reply

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