The Guideline Value for a Property in Chennai: How to find the value?
What is the Guideline value for a property?
The government-determined minimum value at which a property must be recorded in the official records is known as the guideline value (GV). In other states guideline value is known as circle rates and ready reckoner rates, but the word GV is most commonly used in Tamil Nadu and particularly in Chennai. Let us understand how to determine the guideline value of a property in Chennai.
What is the guideline value used for?
Guideline Value is used to determine the property’s worth. It also aids in the prevention of the undervaluation of a property. It’s used to assess how much stamp duty and registration cost is to be paid for a certain property, be it residential or commercial.
Guideline value: Why is it important?
It is vital to have a defined and updated guideline value for the following reasons:
- Guideline Value assists in estimating and calculating the entire advantage and disadvantages of a real estate/property purchasing choice. It is a benchmark for comparison and appreciation of property value.
- Guideline Value acts as a conduit for the source of revenue to the Government and plays an essential role in the payment of stamp duty and registration fees.
- Guideline Value assists both authorities and property buyers in understanding and detecting property undervaluation.
- Guideline Value helps reduce fraudulent property transactions. Those who try to avoid or undervalue the registration fees can be identified easily. This will help reduce corruption and fraud in land-related transactions to some extent.
- It is also a useful indicator for property buyers who want to know how much the land is worth and how to price their homes competitively.
How to Check Guideline Value in Chennai Online?
The guideline value of property in Chennai can be found online on internet. The street number or survey number of a location/property determines the guideline value of that location or property. Guideline value also changes and appreciates based on how the area & the community develops. Typically, Guideline Value will be higher in more developed areas. Developed areas are defined by connectivity, access to living essentials like water, sewage, & electricity, good schools shopping areas and other essentials needed for community development.
To find the Guideline Value of a property in Chennai, begin by going to the official website of the Tamilnadu Registration Department. Then, after logging in to the website, choose Chennai as the zone and click on the guideline value tab. Then enter the needed information, such as the street address or survey number. Select the Sub Registrar Office, village and street name that you are looking for. After entering the required information, select the search option, and the street data will appear on the screen.
Other services such as binding value computation, document generation such as encumbrance certificate, and certified copies of registration, are also offered here.
With the aid of a guideline value in Chennai, you can quickly assess the worth of your home. Find the property’s market value after validating the guideline value using the process detailed. You may find out how much a property is worth by comparing its market value to the government’s guideline value. This is a benchmark for future appreciation and growth.
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