Guideline value for TNHB Indira Nagar 2013 Project

What is guideline value? (Extracted from http://www.tnreginet.net/)

Guideline Value of any land should truly reflect the market value. Guideline values have been fixed for all the areas in the State. Well established residential areas have only street based guideline values. The guideline values have been fixed for survey numbers to the properties which are not formed into street. This will remain unchanged till the next revision. Higher value registration will not have automatic adoption for subsequent registration. This guideline values help the registering officer in the detection of prima facie under valuation of property. In most of the places, the guideline value is lower than the prevailing market value. In a few places, the guideline value may be unreasonably higher than the market value. Such cases should be brought to the notice of the concerned District Registrar, Deputy Inspector General of Registration and Inspector General of Registrations for correction of anomalies. There is a committee at State level which finally approves reduction in such issues after perusing the recommendation of the Sub Committee headed by concerned District Collectors.

The guideline values are hosted on the website http://www.tnreginet.net. The latest guideline value we are now following came into effect from 01-04-2012. The guideline value is a public document. In offices having STAR facility the guideline values can be ascertained free of cost for any property on the counters.

Finding the guideline value for our area was not an easy task. The website is really tough to navigate around for anyone new.

Steps:

1. Go to http://www.tnreginet.net/
2. In the guideline search section, select"Chennai" for zone, "Chennai South Zine Joint I" for sub-registrar office and "Thiruvanmiyur" for village, and enter "Indra Nagar" for street name and hit "Submit"
3. You will see a list of streets starting with "Indra Nagar" in the results returned
4. Find "Indra Nagar 4th Avenue" in the search results
5. Guide line value is Rs.9000/Sq.Ft

Direct Link to this property's guide line value

Click here for the list of guideline value.

TNHB states issuing Lease cum Sale Agreement (LCS) documents

By first week of September 2013, THNB started issuing the Lease cum Sale Agreement (LCS) documents to allottees. I believe these have to be picked up from the TNHB office in Besant Nagar.

You have to get this document registered with a Rs.20 stamp, sign the document wherever required, paste a family picture of the person why is buying the flat, and then give it back to TNHB. TNHB will take the document and give you a duplicate copy of the document. The duplicate copy is what you will be using for bank loan purposes.

Disclaimer: I am writing this based on what I heard from my father. Please correct me if I have misquoted anything.

Steps for getting the document registered at the local DRO:

1. Take the original LCS document to the District Registrar Office (DRO) that is responsible for the area under which the property is being built. For our purposes, it will be the DRO in Beach station or the one in Saidapet. Note: I was told that this document can not be registered by the sub registrar and only DRO can do it.

2. You might have to write a requisition letter and give it to one of the counters in the DRO and might have to pay a fee (I believe it is Rs.5). You will be given a challan which you have to take to a local bank to pay the Rs.20 fee for the stamp. Ask them what bank they work with. Most likely, it is just within stone throw distance from the DRO.

2. Once you pay the fee and get the challan stamped from the bank, go back to the same counter in the DRO and now you can get the stamp on the document and register it.

I might have missed some details, but this is the gist of it.

District Registrar Office (DRO) details:

Website: http://www.tnreginet.net/

DRO List for Tamil Nadu: http://www.tnreginet.net/english/dro_list.asp

Chennai North
1, Murthygal lane,Chennai-600001
044-25266215
drochennainorth@tnreginet.net

Chennai South
9, Jeans Road, Saidapet,Chennai-600015
044-24323170
drochennaisouth@tnreginet.net

Deadline for second installment pushed to September 2013

The deadline for second installment of payment has been extended to September 30 2013. Initially the deadline was set to July 31 2013 and was later extended to August 31 2013.

This was done based on the request from several allottees who had applied for bank loans and were waiting for the lease cum Sale agreement (LCS) to be issued to them. This document were requested by the banks to process the loan.