In the digital age, real estate transactions have evolved significantly, with platforms like TNREGINET revolutionising the landscape. Understanding TNREGINET guideline value and its nuances is crucial for anyone navigating property dealings in Tamil Nadu.
With TNREGINET, the once complex and time-consuming process of property transactions has been streamlined into an efficient online platform. Gone are the days of tedious paperwork and long waiting times at government offices. Now, stakeholders can conduct property transactions from the comfort of their homes or offices, saving valuable time and resources. This digital transformation not only enhances convenience but also promotes transparency and accountability in real estate dealings.
TNREGINET: The gateway to property transactions
TNREGINET, the Tamil Nadu Registration Department's online portal, stands as a testament to technological advancement in real estate. This platform streamlines property transactions, making them more transparent, efficient, and accessible to all stakeholders. Gone are the days of long queues and cumbersome paperwork; TNREGINET brings convenience to the forefront.
Deciphering guideline value
At the heart of TNREGINET lies the concept of guideline value, a pivotal factor in property transactions. Guideline value, also known as the minimum or market value of a property, serves as the basis for stamp duty and registration charges. Understanding this value is essential for both buyers and sellers to ensure fair and legal transactions.
Factors affecting TNREGINET guideline value calculation
- Location: The guideline value varies based on the locality, with prime areas commanding higher values compared to rural or less developed regions.
- Property type: Different types of properties, such as residential, commercial, agricultural, and industrial, have distinct guideline values determined by their utility and demand.
- Property size and dimension: Larger properties typically have higher guideline values, while irregularly shaped or smaller plots may be valued lower.
- Infrastructure and amenities: Proximity to essential amenities like schools, hospitals, transportation hubs, and commercial centers can influence guideline values significantly.
- Development potential: Areas undergoing rapid development or infrastructure projects tend to experience an increase in guideline values due to enhanced accessibility and desirability.
How to calculate TNREGINET guideline value online
Calculating TNREGINET guideline value online involves accessing the official TNREGINET portal and following these steps:
- Visit TNREGINET portal: Navigate to the TNREGINET website and select the option for "Know Your Guideline Value."
- Enter property details: Input the required information, including district, locality, street name, survey number, and property type.
- View guideline value: Once the details are submitted, the portal generates the guideline value for the specified property, providing insight into the minimum valuation for stamp duty and registration purposes.
Tamil Nadu Stamp Duty and Registration Charges in 2024
Category of document |
Stamp duty |
Registration fee |
Sale deed |
7% on the market value of the property |
4% on the market value of property |
Gift deed |
7% on the market value of the property |
4% on the market value of the property |
Exchange deed |
7% on the market value of the greater value |
4% on the market value of the greater value |
Simple mortgage deed |
1% (on the loan amount) subject to a maximum of Rs 40,000 |
1% on loan amount subject to a maximum of Rs 10,000 |
Mortgage with possession deed |
4% on loan amount |
1% subject to the maximum of Rs 2,00,000 |
Agreement to sale |
Rs 20 |
1% on the money advanced (1% on total consideration if possession is given) |
Agreement relating to construction of a building |
1% on the cost of the proposed construction or the value of construction or the consideration specified in the agreement, whichever is higher |
1% on the cost of the proposed construction or the value of construction or the consideration specified in the agreement, whichever is higher |
Cancellation deed |
Rs 50 |
Rs 50 |
Partition deed |
|
|
I) Partition among family members |
1% on the market value of the property subject to a maximum of Rs 25,000 for each share |
1% subject to a maximum of Rs 4,000 for each share. |
II) Partition among non-family members |
4% on the market value of the property for separated shares |
1% on the market value of the property for separated shares |
Power of attorney |
|
|
I) General power of attorney to sell an immovable property |
Rs 100 |
Rs 10,000 |
II) General power of attorney to sell an immovable property (Power is given to a family member) |
Rs 100 |
Rs 1,000 |
III) General power of attorney to sell the movable property & for other purposes |
Rs 100 |
Rs 50 |
IV) General power of attorney given for consideration |
4% on consideration |
1% on consideration or Rs 10,000, whichever is higher |
Settlement deed |
|
|
I) In favour of family members |
1% on the market value of the property but not exceeding Rs 25,000 |
1% on the market value of the property, subject to a maximum of Rs 4,000/- |
II) Other cases |
7% on the market value of the property |
4% on the market value of the property |
Partnership deed |
|
|
I) Where the capital doesn’t exceed Rs 500 |
Rs 50 |
1% on the capital invested |
II) Other cases |
Rs 300 |
1% on the capital invested |
Memorandum of deposit of title deeds |
0.5% on the loan amount, subject to a maximum of Rs 30,000 |
1% on the loan amount, subject to a maximum of Rs 6,000 |
Release deed |
|
|
I) Release among family members (coparceners) |
1% on the market value of the property, but not exceeding Rs 25,000 |
1% on the market value of the property, subject to a maximum of Rs 4,000 |
II) Release among non-family members (co-owner and benami release) |
7% on the market value of the property |
1% on the market value of the property |
Lease |
|
|
Lease below 30 years |
1% on the total amount of rent, premium, fine, etc. |
1%, subject to a maximum of Rs 20,000 |
Lease up to 99 years |
4% on the total amount of rent, premium, fine, etc. |
1%, subject to a maximum of Rs 20,000 |
Lease above 99 years or perpetual lease |
7% on the total amount of rent, fine, premium of advance, if any |
1%, subject to a maximum of Rs 20,000 |
Declaration of trust (if a property is there, it would be considered as a sale) |
Rs 180 |
|
Navigating property registrations
TNREGINET simplifies the property registration process, allowing individuals to register their properties online seamlessly. From application submission to document verification, every step is digitised, minimising errors and delays. Moreover, the platform offers features like e-signatures and online payment options, further enhancing convenience.
Importance of TNREGINET guideline value in property transactions
- Legal compliance: TNREGINET guideline value serves as the minimum valuation for stamp duty and registration charges, ensuring compliance with legal requirements during property transactions.
- Fair pricing: It provides a standardised reference point for determining fair market value, preventing overvaluation or undervaluation of properties and promoting transparency in transactions.
- Financial planning: Buyers and sellers use guideline values as a basis for financial planning, assessing affordability, loan eligibility, and potential returns on investment.
- Taxation: Local authorities utilise guideline values to levy property tax, making it crucial for property owners to accurately assess their tax liabilities.
Difference between property guideline value and market values
- Financial implications: Discrepancies between guideline values and market values can affect property transactions, leading to disputes, delays, or financial losses for buyers and sellers.
- Taxation challenges: Property owners may face challenges in reconciling guideline values with actual market values, impacting their tax liabilities and compliance with regulatory requirements.
- Market perception: Significant disparities between guideline values and market values may raise concerns about the accuracy and relevance of guideline value assessments, affecting investor confidence and market perceptions.
- Policy considerations: Discrepancies highlight the need for periodic reassessment and recalibration of guideline values to reflect changing market dynamics, economic conditions, and infrastructure developments.
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