Values That Indicate Property Rates
The Registration Department is revising the guideline values across the State. In Coimbatore, the public can submit their suggestions and objections over the revised draft values till December 15.
The draft values are available online at the sub-registrar offices, and at all local bodies.
Guideline values, also known as property value register, indicate the value of a property in a specific locality. The Department uses the value as the base to register a document. The stamp duty and registration fees are collected according to the guideline value.
An official of the department in Coimbatore says, the value in the document can be higher. In the case of a document having a value lower than the guideline value, it is referred to the District Collector's office for value determination.
Revision of guideline values is taken up regularly. This year, the revision works started in June. The last revision was in 2007.
The official says that when the revision is taken up, the values are determined based on certain thumb rules from the Government, sales statistics, documents registered by the department, and the existing guideline value.
The officials of the department also visit each locality and find out the rates for different types of lands and buildings.
It is difficult to determine the exact market value for a property. The buildings and different types of lands are categorised and the guideline value is the indicative value for the property in a locality.
The District Collector of Coimbatore formed a special committee this year and the suggestions for revised draft values were studied by it before making the changes. In some localities, the revised values have been brought down. The objective is to ensure that the public are not hit by high guideline values, the official said.