Guideline Value in Chennai: Meaning, Importance and Steps to Check

Property guideline value in Chennai is a must if you are looking to purchase a house or land in Chennai. The guideline value in Chennai can be easily accessed via the online portal of the registration department of Tamil Nadu. It is important to check the guideline value, as property purchase is impossible without the guideline value of the property, in Chennai. It is one of the most significant factors while registering property and buying stamps. The guideline value depends on the street number and survey number of the area. External costs are also added to the guideline value to determine the value of the property. 

What is Guideline Value?

Land guideline value is the approximate market price of land, or property as stated by the Government. The sale of the property cannot take place below the guidance value stated by the government. If the provided conditions are ideal, then the guideline value of the property indicates the actual market value of the property. Despite that, in a majority of cases, the guideline value is less than the market value of the land. But in some cases, the market value tends to be more than the government guideline value. 

The governing authority of the state is approbated to set the guideline value for all the parts of the state. Well established properties are provided with street-based land guideline values. Whereas, in not so well-established properties, the government guideline value is fixed in a different manner than that of the former. For this, the value is calculated with help of the survey number of the property. The cooperation guideline value also helps in preventing the exploitation of stamp duty. Stamp duty is the guideline value expressed in the form of a percentage. If the market value is higher than the guidance value then the market value in the form of percentage is taken as the stamp duty. Guideline value is expressed in terms of Rs. per square feet or Rs. per acre. The units' square feet are used for land in urban cities whereas for agricultural land the uni acre is preferred.

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Why is Guideline Value Important?

Guideline value is important as it is the minimum value at which property can be bought or sold. Therefore, there will be a minimum assured value that you'll get while selling your property. It is an important factor while purchasing or selling property. Guideline values serve as one of the main sources by which the state generates revenue. More registrations result in a higher revenue collection. A well-developed area has a higher guideline value and a poorly developed property or area, has a lesser guideline value. 

Guidance value is set by The Stamps and Registration Department of any state. The registration value is determined by the guideline value. You have to register the property's sale value as the guideline value even when it is bought at a lower value. In the case of the property being bought at a higher value, than the guidance value, it is registered in terms of the market value. It also aids in preventing the undervaluation or overvaluation of property.

How to Check Guidance Value in Chennai Online?

The guideline value in Chennai is available online. The guideline value of a particular place is dependent on the street number or survey number of the locality. It also depends on the development of the locality. As stated previously, more developed localities have a higher guidance value.

Step 1:

Go to the Registration Department's official website i.e. https://tnreginet.gov.in/portal/ .

Step 2:

Click on the guideline value tab. Choose Chennai as the zone. 

Step 3:

Fill in the required details which are street number or survey number. Choose your preferred Sub Registrar Office, village and street name. 

Step 4:

Click on the search option and the street details will be shown on the screen. 

Other services like calculation of binding value, creation of documents like abstract draft deeds, encumbrance certificate can also be found here.

The value of your property can easily be calculated with the help of a guideline value in Chennai. After checking the guideline value by the given steps, find the market value of the property. Compare the market value of your property with the government guideline value, and you can check what the value of your property is.

Tamil Nadu Land Guideline Value: Guideline Value of Land in Chennai Zones Wise

Areas in North Zone

ICF Colony, Anna Nagar East, Anna Nagar West Extn, Chennai High Court Bldgs, Jawahar Nagar, Kodungaiyur, Kolathur, Madhavaram, Madhavaram Milk Colony, Manali New Town, N. Chennai Thermal Power Project, Perambur Barracks, Pozhal, Railway Car Shed Complex Avadi, Red Hills, Royapuram, Sholavaram, Sowcarpet, Tiruvottiyur, Tondiarpet, Vyasarpadi, Washermanpet, Ennore Thermal Station, Manali.

Areas in South Zone

Adambakkam, Anakaputhur, Ashok Nagar, Besant Nagar, Chitlapakkam, Guindy Industrial Estate, IIT, K.K. Nagar, Kodambakkam, Madipakkam, Meenambakkam, Nandambakkam, Nandanam, Nanganallur, Old Pallavaram, Pallavaram, Pazhavanthangal, Polichalur, Raja Annamalaipuram, Saidapet, Satyamurthi Nagar, Sholinganallur, Sidco Estate, Srinivasa Nagar, Tambaram East, Teynampet, Thyagaraya Nagar, Vandalur, Virugambakkam, Adyar, Chromepet, Kotturpuram, Mylapore HO, Pammal, Perungudi, Raj Bhavan, Selaiyur,St. Thomas Mount, Tambaram HO, Tambaram IAF, Tambaram Sanatorium, Tiruvanmiyur, TTTI Taramani, Velacheri, West Mambalam.

Areas in Central Zone

Anna Road HO, Broadway, Chennai GPO, Chetpet, Choolaimedu, Egmore, Flowers Road, Fort St. George, Gopalapuram, Greams Road, Kilpauk, Nungambakkam, Park Town HO, Royapettah, Tiruvallikeni, Vepery.

Areas in West Zone

Alwarthirunagar, Ambattur HO, Ambattur Industrial Estate, Aminjikarai, Anna Nagar, Arumbakkam, Avadi Camp HO, Avadi IAF, Ayanavaram, CRP Camp Avadi, Korattur, Korattur R.S, Koyambedu, Kunnathur, Padi, Pattabiram, Poonamallee, Porur, Saligramam, Shenoy Nagar, Tiruverkadu, Vadapalani, Villivakkam.

Latest Update on Guideline Value in Chennai

The government usually increases the tnreginet guideline value every year. In Chennai the govt guideline value tamilnadu has dropped by 33.33%. The registration fee has been changed from 1% to 4%. Along with this, the stamp duty has been changed to 8%. 

That means that the cost of acquiring property is more than it was before and the seller will be benefitted rather than the buyer. There is a wide range of guideline values in Chennai. It starts from as low as Rs.40 per square foot and goes as high as Rs.23,500 per square feet. 

In Tamil Nadu, Chennai holds the first position for having the highest guideline value which is Rs.23,500 per square foot. Chennai has the largest number of streets in Tamil Nadu which accounts for about 31.7% of the streets present in Tamil Nadu.

Of late, the government of Tamil Nadu has introduced a state shelter fund to rehabilitate the poverty-stricken population of urban areas. Properties with an area over 3,000 square meters have to pay shelter charges of 1% to 3% in accordance with the guideline value of their property per square meter.

Read: Trending Localities to Invest in Chennai

Reduced Registration Charges on Joint Venture Projects

In an attempt to influence more people to buy properties and increase registrations the Tamil Nadu finance department is proposing to decrease the registration charges on JV (Joint Venture) projects. A joint venture is a usual method of collaborating assets and expertise of two otherwise unconnected companies. It forms the majority of commercial development under the state. This new plan will change the guideline value in Chennai for joint ventures from 11% to 2%. With this, more joint venture programs will be registered and this will bring more revenue to the state.

In an attempt to influence more people to buy properties and increase registrations the Tamil Nadu finance department is proposing to decrease the registration charges on JV (Joint Venture) projects. A joint venture is a usual method of collaborating assets and expertise of two otherwise unconnected companies. It forms the majority of commercial development under the state. This new plan will change the guideline value in Chennai for joint ventures from 11% to 2%. With this, more joint venture programs will be registered and this will bring more revenue to the state.

The knowledge of guideline value in Chennai is required to buy a new property in Chennai or any other place. Chennai being a metropolitan city has a wide array of guideline values. Guideline values in Chennai are present on the official online portal of the Tamil Nadu government where you can search and compare different guideline values in Chennai for different areas. With the aid of these values, you can be assured that your property will never be undervalued. The government of Tamil Nadu has introduced new guideline values with 1% to 3% shelter fund value as a rehabilitation program for the poor people in urban areas. 

When it comes to legal issues and paperwork, you need to be extremely careful, even the slightest mistake could mean a huge loss. Get the right guideline value before you sell your property, and buyers, ask for the right paperwork to check the same. The best way to avoid such mistakes is to get a team of professionals to assist you. At NoBroker, our experts will guide you and ensure your paperwork is perfect. Click the link below to know more about NoBroker Legal services. You can even drop us a comment below with any questions and we’ll be happy to help.

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