The Tamil Nadu government will begin the process of revision of the real estate guideline value. It will likely issue an order soon to constitute a high-level committee and a steering committee for the rationalisation of the market value guideline to start the process for the 18th time.
According to an official, the major difference between the earlier revisions and the latest is that a dedicated team and a separate committee of experts have been proposed to carry out analytics. The government is also planning to take several initiatives for the benefit of the real estate sector after the committee submits its report.
The guideline value is based on local enquiries with persons having knowledge of the subject, the sales details of property in each category recorded in the past two years and field inspections.
The first revision of the real estate guideline value was done on September 1, 1981. The Tamil Nadu Stamp (Constitution of Valuation Committee for Estimation Publication and Revision of Market Value Guidelines of Properties) Rules, 2010, came into force. The guideline value was revised for the 16th time in April 2012.
However, the government decided in June to effect a uniform reduction of 33% in the market value guideline in all 50 registration districts, paving the way for the 17th revision.
Officials said that for preparation of the market value guideline for property, a committee would be constituted, as prescribed in Section 47 AA of the Indian Stamp Act, to frame broad rules for revision of the guideline value by the district-level valuation sub-committees headed by the Collectors.
As part of the revision, a market value guideline register is likely to be prepared for each revenue village or ward or block. The entries in respect of the survey number or the sub-division will be in the same order as maintained in the revenue records. In the case of streets or roads and residential colonies, the entry will be in an alphabetical order. In urban areas, the entries will be arranged ward-wise, an official said.
CREDAI Tamil Nadu president Suresh Krishn said the value was low at many places. “We want the government to reduce the stamp duty and registration charges. It can increase the value based on the location.”