The Tamil Nadu Registration Department has fixed a “minimum guideline value” of ₹1,000 per square feet for lands in Chennai and Coimbatore Municipal Corporations.
The minimum guideline values have been fixed for all residential and agricultural lands in the State and updated in the registration software with effect from August 17, 2023.
According to official sources, the Inspector-General of Registrations issued orders on Thursday, informing sub-registrar offices in the State, giving details of the enhanced minimum guideline values in corporations, municipalities, town panchayats and villages.
In Avadi, Tambaram, Hosur and Kancheepuram Corporations, the value is ₹800 per square feet. In Erode, Tirupur, Madurai, Tiruchi, Salem and Nagercoil Corporations, it has been fixed at ₹700 per square feet. It is ₹600 per square feet in Tirunelveli, Dindigul, Vellore and Karur Corporations; ₹500 per square feet in Thoothukudi, Thanjavur, Sivakasi and Kumbakonam Corporations; and ₹300 per square feet in Cuddalore Corporation.
While in all municipalities, it will be ₹300 per square feet, in town panchayats, it will be ₹200 per square feet.
At villages located in Kancheepuram, Tiruvallur, Chengalpattu, Coimbatore, Erode, Salem, Madurai, Krishnagiri, Karur and Tiruchi districts, it will be ₹100 per square feet for housing plots and ₹5 lakh per acre for agricultural lands, and for villages in other districts, it will be ₹50 per square feet and ₹2 lakh per acre respectively.
According to officials in the Registration Department, the guideline values had doubled in some areas. Though cumulatively, the registration and stamp fee has been reduced from 11% to 9% now, the value of this would be on the higher side when compared to earlier guideline values. “There is no clarity on the plots earmarked for the Economically Weaker Section (EWS) in the layouts approved by CMDA/DTCP. Earlier, buyers coming under the EWS category could purchase plots at a subsidised price. However, the values are uniform for all and there is no provision for the EWS category,” a sub-registrar said.
Another official, explaining the impact of the enhanced minimum guideline values on registrations, said that in many areas, the value had doubled or even tripled. Though sellers and buyers know that the actual cost would be much lesser, they have to transact only in the enhanced rates as it would be applicable for registration fee and income tax purposes.
