Exploring Chennai guideline value 2023: A homebuyer's guide

In a recent update, the Tamil Nadu government made significant changes to stamp duty, registration charges, and transfer duty, aiming to boost real estate transactions. However, the spotlight is on the surge in circle rates or guideline values in Chennai, making it essential for potential homebuyers to stay informed. Let's delve into the intricacies of the Chennai guideline value 2023, exploring different localities and understanding its significance in property transactions.

What is guideline value?

Guideline value, the minimum set by the state for property transactions, is a crucial factor for homebuyers in Chennai. It influences stamp duty calculation during property registration, determining the property's overall cost. These values, periodically revised by the Revenue Department of the Tamil Nadu government, require attention from those entering the real estate market.

Guideline value in different localities of Chennai (2023)

  • Ambattur land guideline value: Rs 1474
  • Anakaputhur land guideline value: Rs 804
  • Anna nagar guideline value: Rs 804
  • Thulukanathaman Nagar guideline value: Rs 1,474
  • Navganesh Nagar guideline value: Rs 1,474
  • Lakshmi Nagar guideline value: Rs 2,100
  • Sis Cape Town guideline value: Rs 2,100
  • Raj Nagar guideline value: Rs 1,072

Importance of guideline value in Chennai

The fixed guideline value serves several purposes:

  • Facilitates calculation of stamp duty and registration charges.
  • Identifies undervaluation of properties.
  • Acts as an index for intelligent property pricing.

How to calculate guideline value

To calculate a guideline's value, you can use the formula:

Value of property = Guideline value (Rs/sq m) x Built-up area (sq m).

How to Check Guideline Value in Chennai (2023)

Follow these steps to check guideline value online:

  • Visit the official TNREGINET website.
  • Navigate to 'Guide value search.'
  • Select 'street' and enter details to obtain the circle rate.
  • Click 'submit' for the required information.
  • The required information will be displayed on your screen.
  • Find information without logging in for additional assistance.

Shelter charges and guideline value in Chennai

In its pursuit of urban development, the Tamil Nadu government imposes shelter charges on new buildings with a floor space of over 3,000 square metres. The charges range from 1% to 3% based on the guideline value per sq metre.

Latest Updates (September 2023)

The Tamil Nadu Registration Department has set the minimum guideline value at Rs 1,000 per sq ft for plots in Coimbatore and Chennai Municipal Corporation. While values in some areas have doubled, registration and stamp fees have been reduced to 9% from the previous 11%, potentially boosting the state's revenue.

The final thought: A doorway for future development

Understanding guideline values is pivotal for every homebuyer in Chennai. It goes beyond transactional details, providing insights into the city's real estate dynamics. As the government strives to align market values with guideline values, it's a reasonable time for potential homeowners to navigate Chennai's evolving real estate landscape.

Frequently Asked Questions

Q: How often are guideline values revised?

A: Guideline values are subject to periodic revisions by the Revenue Department.

Q: Why is guideline value crucial for homebuyers?

A: It helps calculate stamp duty registration charges and identify undervaluation.

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