An elaborate exercise is under way to revise the Market Value Guidelines (MVG) of immovable properties in Tamil Nadu. The MVG is expected to soar, considering the increase in the cost of land across the State, Registration Department sources said.
The process was initiated soon after the Madras High Court quashed a circular of the Inspector-General of Registration to collect stamp duty and registration charges on the basis of the guideline values fixed for lands in 2012, without following a decision taken in 2017 to reduce the value by 33%.
The sources said that the Valuation Sub-Committees headed by the Collectors in all the districts were preparing the draft guideline values under the provisions of the Tamil Nadu (Constitution of Valuation Committee for Estimation, Publication and Revision of Market Value Guidelines of Properties) Rule 4(2). The process was expected to be completed in 15 days, after which the State-level Valuation Committee would approve the revised MVG.
