The State Government of Tamil Nadu's Guideline Value by 2024

What is Guidance Value or Guideline Value Meaning?

In simple terms, Guidance Value is the minimum or least amount at which a property transaction can be registered and which is decided by the Department of Stamps and Registrations.

It is determined based on several factors, including the area's location, infrastructure development, amenities, connectivity, and market conditions. Not adhering to the stipulated Guidance Value during registration might lead to legal issues and affect the authenticity of property ownership.

The most recent guideline value set by the state government is something you should know if you plan to invest in real estate in Tamil Nadu.

This blog is the ultimate guide for using the TNREGINET portal to determine a property's guideline value in Tamil Nadu.

What is TNREGINET?

TNREGINET, or the Inspector General of Registration (IGRS), is the official portal of the Tamil Nadu Revenue Department that provides all property-related services. Citizens can access various services, such as checking the property guideline value, searching the encumbrance certificate, ascertaining the building value, stamp duty valuation, registration of marriage, registration of death, etc., online using the TNREGINET platform.

Tamil Nadu guideline value 2024

The Tamil Nadu government fixes the guideline value for each area in the state. The guideline values are based on the streets of well-developed residential areas. The guideline value is fixed based on the survey number of the property for lands/properties that have not been formed into streets.

Here's how you can find the composite value for a property in Tamil Nadu:

• Use the TNREGINET portal (https://tnreginet.gov.in/portal/?UserLocaleID=en)

You can find the composite value for any plot of land using this site.

It's important to note that a Madras High Court ruling in January 2024 struck down an earlier attempt by the government to raise guideline values across the state [4]. The current system uses composite values instead.

Guideline value: Why is it important?

• It helps you to estimate and calculate the overall pros and cons of a house purchase decision.

• It plays an important role when it comes to the payment of stamp duty and registration charges and is a source of revenue. At the same time, it helps both, the authorities and buyers, to understand and detect the undervaluation of properties.

• It keeps fraud in check. Those who try to avoid paying the registration charges can be tracked and therefore, this gets rid of corruption and scams with regard to land-related deals, to an extent.

• It is also a good index that helps buyers understand land value and to price their properties competitively.

How is the property guidelines' value calculated? in Tamil Nadu in 2024

Tamil Nadu moved away from guideline values in January 2024 for property valuation. They now use a composite value set for each specific street/road.

Previously, guideline values were established based on factors like location, amenities, and size of the property. However, the composite value system simplifies things by providing a set value for a specific location (street or road).

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A real-time example of Tamil Nadu guidelines valued in 2024?

Imagine you're interested in a flat on St. Mary's Road in Mylapore, Chennai. Since Tamil Nadu uses composite values now, here's a real-time example of how it works:

• The composite value for residential properties on St. Mary's Road in Mylapore might be ₹15,000 per square foot.

This means for a 1,000 square foot flat on that street, the composite value would be ₹15,000 x 1,000 sq ft = ₹1,50,00,000 (₹1.5 crores).

It's important to remember that the composite value is a base value set by the government. The actual market price for the property could be higher or lower than this depending on various factors.

How to Check Tamil Nadu Guideline Value in Tnreginet? - A Step-by-step Guide

Users can also check the guideline value of a property without logging in by visiting the official website of TNREGINET and clicking on the "Guideline value" option. Users must provide the property's district and survey number, and the guideline value will be displayed.

1. Visit the official portal of TNTREGINET.

2. Click on the tab named 'guide value' on the homepage.

3. Select the date and the time for which you want to check the values.

4. Now enter a few basic details.

5. The value of the guideline will appear on the screen.

What is the difference between property guideline value and market values?

Property guideline value and market value are two different ways to assess the worth of a property. Here's a breakdown of the key differences:

Property Guideline Value

• Set by: Government agency

• Purpose: Determines the minimum value for property transactions and serves as a base for calculating stamp duty and registration fees.

• Factors considered: Location (broad area), amenities in the general vicinity (may not account for specific features of the property itself).

• Frequency of updates: Generally revised periodically, but not as frequently as market values can fluctuate.

• Market reflection: Often lower than the actual market value, though in exceptional cases it might be higher.

Market Value

• Determined by: Supply and demand in the real estate market

• Factors considered: Location (including specific street/locality), property size, age, condition, amenities within the property itself (renovations, etc.), and current market trends.

• Frequency of updates: This can fluctuate constantly based on various factors.

• Market reflection: Represents the actual price a willing buyer would pay to a willing seller in an open market transaction.

Citizens can access various property-related services through the TNREGINET portal at the convenience of their homes. It helps property owners and buyers in Tamil Nadu to get to know the property or building value and the guideline value. It helps them decide on the registration value of the property in Tamil Nadu.

Since TNREGINET is an online platform, anyone can access property-related services anytime without visiting the Sub-Registrar Office.

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