Chennai: Tamil Nadu Cabinet today decided to slash property guideline value by 33 per cent and hike the registraiton fee for properties effective tomorrow.
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 chaired by Chief Minister K Palaniswami decided to give effect to the changes from tomorrow, an official release said.
A committee headed by the Inspector General of Registration Department had recommended 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 the last year’s Assembly polls that the fixation of guideline values will be restructured, the 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.