Property guideline levels have been set for upward adjustment

By Bricksnwall | 2024-05-11

Property guideline levels have been set for upward adjustment

Citing procedures, the official stated that the sales figures of properties in each category, such as agricultural, residential, commercial, and so on, recorded in the previous two years will be created.

An intensive exercise is underway in Tamil Nadu to modify the Market Value Guidelines (MVG) for immovable properties. The MVG is projected to rise as land prices rise across the state, according to Registration Department sources.

The procedure began shortly after the Madras High Court overturned the Inspector-General of Registration's directive to collect stamp duty and registration charges based on the 2012 guideline valuations for lands, notwithstanding a 2017 order to cut the value by 33%.

According to sources, the Valuation Sub-Committees headed by Collectors in all districts were preparing draft guideline values in accordance with Tamil Nadu (Constitution of Valuation Committee for Estimation, Publication, and Revision of Market Value Guidelines of Properties) Rule 4(2). The process was supposed to take 15 days, after which the State Valuation Committee would approve the updated MVG.

Section 47-AA of the Tamil Nadu Act 13 of 2008, which went into effect on June 1, 2010, established the Valuation Committee to prepare the MVG of properties. Accordingly, the Valuation Committee was the final authority for formulating the MVG's policy, methodology, and administration, and it may form a Valuation Sub-Committee in each district, comprised of such members as may be prescribed, for MVG estimation and revision, according to sources.

Explaining the process of modifying the guideline values, the sources stated that queries would be conducted with people who are knowledgeable about the matter. "The interviews will be performed with at least five people from various areas in the same neighborhood.

A reasonable and realistic figure from among the results obtained shall be used to determine the guideline value. "Unreasonable and motivated information about values will be strictly ignored," a top official stated.

Citing regulations, the official stated that sales information for properties in each category, such as agricultural, residential, and commercial, recorded in the previous two years, will be created. Excessive values and rates would not be considered. “Based on these two factors, a reasonable and realistic value would be arrived at and proposed as the draft MVG for approval," stated the official.

Source: The Hindu

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