Tamilnadu New Guideline Value : How much Increased?


The TN (Tamil Nadu) state government has decided to implement the revised guideline value of plot of land and properties with effect from April 1, 2012. Simultaneously, to give relief to the general public, it has proposed to bring down the stamp duty from the existing 6% to 5%
The Tamilnadu government also announced a 1% cut in stamp duty, from 6% to 5%, with effect from April 1, 2012. The 2% surcharge (collected for development of local bodies like corporations, municipalities &  village panchayats) and 1% registration fee, however, will continue without any change.

In effect, overall registration charges will come down from 9% to 8%. Total registration fees (8%) for a property worth Rs. 20 lakh will be Rs.1,60,000.

With the revision and increased, the valuation of urban land will be up by 150% to 170% and rural & agricultural land by 250% to 270%.

For New  Guideline Value (2012, April) Click following Link

One of the Chennai’s leading property developer said, ”The revision is expected to have a negative fallout in the initial 3 to 5 months, when property registrations may slow down. But registrations are bound to pick up in the medium to long term.”

According to an officer in registration department,  ”The revision will not only help augment our revenue collection, but also curb black money in property deals”

The hike in guideline values is expected to increase the TN registration department’s revenue by Rs. 1,500 crore, taking it closer to the Rs. 8,700 crore mark in the next financial year (2012- 2013). The Tamil Nadu state had mobilised Rs. 5,740 crore through registration of properties till the end of February, 2012.  By now, it should have crossed the projected mark of Rs 6,000 crore. Registrations worth Rs. 500 crore are expected in the next 3 days.

The draft of the new guideline values was published last October, (2011) and after taking feedback from general public, the final draft was released in November.

Source:MY REALTY

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