The Tamil Nadu government has slashed the guideline value of property by 33 per cent with effect from June 9, 2017, according to an official press release.
The revenue loss due to the reduction in guideline value will be compensated with a 4 per cent registration fee on conveyance deed, exchange, gift and in case of settlement deeds to those outside the family, the release said.
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.