by FranchAll you need to know about Guide Line Value
State governments in India fix a rate for each property, below which they cannot be registered.This rate is known by various names, including Guide Line value, Circle Rate, Ready Reckoner Rate, etc. In Tamil Nadu, the usage of Guide Line Value (GLV) is more common. The guideline values are made accessible to all through the The official portal of the Tamil Nadu Registration Department – https://tnreginet.gov.in/portal.
Guide Line Value (GLV) is used for assessing the value of the property. It also helps in preventing the undervaluation of the property. Basically the GLV of a particular property is the lowest price at which the said property can be sold/purchased for.
Guide Line Values are set by the local governing body. The Guide Line Value is usually changed regularly (once a year,perhaps). The GLV is affected by the survey number, street number and the development of that area. An area with more development will have a higher guidance value. Similarly, areas with lesser development tend to have a lower guidance value.
GLV is used for calculating stamp duty and registration fees for a particular land. The government increases the guideline values of properties to increase the number of registrations. This in turn helps in generating more revenue for the state
As you can see from the image above, guide line values can be retrieved from the official portal of the Tamil Nadu Registration Department. These values are given in price per square feet , which is the british value for calculation purposes as well as price per square meter which is the metric value. The land classification is also mentioned. The land classification will determine the stamp duty and the government tax that is to be paid at the time of registration.
