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
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.