If you are about to purchase land near Dindigul in Tamil Nadu, it is important to know about the differences between government land value and market price value and the factors to consider while negotiating the right price in the process. Understanding this aspect is crucial for buyers, sellers and dealers alike while navigating through the dynamic real estate landscape of Dindigul in Tamil Nadu. Let us understand the aspects of government guideline value, market price value, and their significance and impact while buying the land.
Government Land Value, also known as the Guideline Value for buying land in real estate terms, is a standard valuation medium related to land buying set by government bodies. It is laid as a base reference rate while conducting various real estate transactions, like property taxation, land acquisition, and other aspects where government is involved in the property related developments.
Government Land Value is an essential reference value which the other aspects depend on when buying or selling a property. Without knowing what this is, you will lose out heavily in monetary transactions of your land. This value is kept as the base for various aspects related to land. They are:
If you are looking to purchase land in Tamil Nadu, you can explore places like Dindigul as it has huge potential, as it has land prices ranging from 6 lakhs to 30 crores in potential areas as it is included in the list of upcoming smart cities soon. To know the market value of land in Dindigul, TNREGINET is an online portal to refer to. It is a government website that provides the necessary information and services related to the record-keeping of your land or property. Here you can get your hands on the records from your ancestral period till date
https://www.indiafilings.com/learn/how-to-find-property-guideline-value-in-tamilnadu/
While we differentiate between the government land value and the current market value of property based on the open real estate market, you should be aware of another term, which is circle rate. It is the minimum rate that is fixed when one party is selling to another. Let us now continue with the differences-
Mainly for record keeping and government use for building development projects etc.
This is for private transactions of land or property in terms of residential, industrial and commercial value
Based on several factors like location, purpose, and zone forming regulations
Directly linked to market changes, economic regulations, based on the demand and availability of land
Is lower than market price due to many restrictions on developing and selling formalities
Usually more than the government land value, as it directly is influenced by the buying potential for private development and monetary benefits
From the Government to Private entities only
Transferable even between persons based on selling or leasing out.
May have different tax brackets with various regulations related directly to government quota
Includes property tax and other taxes while transacting like stamp duty and registration charges
With the changes in Government land value, the market value of land in Dindigul also undergoes changes. The taxes related to land buying and selling increase with the change in the government values, increasing the potential of the land and providing a rising potential for economic development in Dindigul.
