TN govt cuts guideline value by 33%

TN govt cuts guideline value by 33%

The Tamil Nadu government on Thursday announced that the guideline value for registration of sale deed of properties across the State would be reduced by 33 per cent effective from June 9.

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

The cabinet meeting chaired by Chief Minister K Palaniswami decided to give effect to the changes from today, an official release said.

While on the face of it the benefit to property buyers appears to be huge, in practical terms, they would only gain marginally in terms of cost of registration.

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.