Before deciding on buying luxury flats in Chennai or flats for sale in Chennai, you cannot help but consider certain important factors. While many are aware of different terms that involve purchasing properties in the country, there are many who are newbies. This article is for those who have recently come across the term ‘guideline value’ and will give you all the information that you need about the same to buy a house in Chennai.
What is Guideline Value?
Guideline value (GV) is the Government decided minimum value at which the property has to be registered in the official records. While it is also known as circle rate or ready reckoner rate in most other states, in Chennai, it is known as the Guideline Value.
Why is Guideline Value Important?
It is important as it is the minimum value at which a property is bought or sold. This helps you to ascertain that you will get this minimum value for your property if you are a seller of a 2 BHK in Chennai or a property in Chennai. Guideline values serve as one of the main sources by which the state generates revenue. This rate is decided by the Stamps and Registration Department of any state. The registration charge is decided basis the guideline value.
How To Check Guideline Value in Chennai?
The guideline value to buy an apartment in Chennai or to buy property in Chennai is available online. This value is dependent on the street number or survey number of the locality. More developed localities have a higher guideline value.
Step 1:
Go to the Registration Department’s official website – https://tnreginet.gov.in/portal/
Step 2:
Click on the guideline value tab. Choose Chennai as your zone.
Step 3:
Fill in the required details like street number and survey number. Choose your preferred sub-registrar’s office, village and street name.
Step 4:
Click on the search option and the street details will be shown on the screen.
The value of your property or 3 BHK in Chennai can be calculated with the help of the guideline value. Find the market value of the property after this and compare the two. This will give you an idea of what the value of your property will be.
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