Plot Guideline value revision implemented
Posted on: 10/Jun/2017 8:19:49 PM
The department of land registration has explained that the proposed revision of the registration rates will be applicable only to 4 categories.
The order released by the Tamil Nadu state government reducing the plot guideline value by 33% became effective from 9th June.
This reduction is applicable for all categories of documents. This is valid for all the 50 registration districts throughout Tamil Nadu and also for all village survey numbers, streets, and cities.
The Tamil Nadu Registration Department made it clear that the registration charges have increased from 1% to 4% only for 4 categories of registration – Krayam (cost), Parivarthanai (exchange), gifting or donation, and settlements for the non-family individual.
The registration charges are revised from 1% to 4% as explained above. However, for other categories such as General Authority, construction contract, corrections, and others, there is no change in the registration charges. At the same time, the revision of the guideline value of reduction by 33% will be applicable to all categories. Overall, for the buyers, there are no savings with the above revisions.
If the guideline value of a 100 sq ft plot is Rs. 4 Lakhs, while selling this plot, the seller will have to pay 7% stamp charges and registration charges at 1% for a total of 8% which works out to Rs. 32000 in this example. As the guideline value is reduced by 33%, it will reduce to Rs. 2.68 Lakhs (from Rs. 4 Lakhs).While selling, stamp charges of 7% increased registration charges of 4% for a total of 11%, working out to Rs. 29480 (in place of Rs. 32000 explained above).
