The Tamil Nadu cabinet, on June 8, 2017, decided to slash property guideline values by 33 per cent and hike the registration fee for properties, with effect from June 9, 2017.
The registration fee, for sale, exchange, gift and settlement documents, will now be four per cent as against the existing one per cent. The cabinet meeting was chaired by chief minister K Palaniswami. A committee, headed by the Inspector General of the Registration Department, had recommended a reduction of the guideline value for registration of properties, by 33 per cent. The panel’s decision fulfils the electoral promise made by of the ruling party, in last year’s assembly polls that the fixation of guideline values will be restructured, an official release added.
The hike in registration fee, is to offset the loss of revenue that would accrue, due to the cut in guideline values, the release said.