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% effective from June 9. In an attempt to bridge the loss in revenue due to this move, the State government has hiked the registration fee for conveyance (sale), exchange, gift and settlement of properties to non-family members to 4% with effect from June 9. The existing registration fee was only 1%.
Marginal gain for buyers
The decision was taken at a Cabinet meeting chaired by Chief Minister Edappadi K. Palaniswami at the Secretariat here on Thursday. 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.
