In a move that would benefit thousands of property buyers, the State Registration Department has proposed to reduce the guideline value for registration of sale deed of properties in Tamil Nadu.
A decision on the proposal, which was one of the promises made in the AIADMK manifesto in 2016, is likely to be taken soon, sources said. A few months ago, a team of officials from the Registration Department visited various States, including Karnataka, Gujarat, Maharashtra and Andhra Pradesh, to study the prevailing guideline value there.
Finding the guideline value in Tamil Nadu to be higher, the team suggested a reduction but warned that the revenue from registration of sale deed could also fall correspondingly, said a source.
The proposals submitted by the team include a 20%, 30% or 40% reduction in the guideline value, depending on the area where the properties are located. The Tamil Nadu government had increased the guideline value on April 1, 2012, pushing it up by 10 times in some areas.
This, coupled with a general downturn, dampened sentiments for the realty sector, which has been clamouring for intervention by the government.
