New property guideline values come into effect in Tamil Nadu

CHENNAI: The State registration department on Monday (July 1) announced the coming into effect of new market guideline values for properties.

In a release, the department said the new guideline values apply to all the districts except Villupuram. "As per the Tamil Nadu Stamp (Constitution of Valuation Committee for Estimation, Publication and Revision of Market Value Guidelines of Properties) Rules, 2010, guideline values should be revised every year. Valuation committee meeting was conducted on April 26 and processes were started to revise guidelines through district sub-committees," the release added.

Resolutions were passed by sub-committees to approve draft guideline values by verifying market values and sales statistics. Draft guidelines values were released online and kept at revenue department offices, and other government offices to collect suggestions and objections from the public.

"District sub-committees met again to consider suggestions and objections. Also, resolutions were passed to approve new guideline values by rectifying anomalies. On June 29, the valuation committee under the Inspector General of Registration approved the new guideline values," the release added.