Guideline value is so high for my subdivision

Robinson Victor (Querist) 06 January 2015 This query is : Resolved
Hello Sir,

I have a farmland and i have negotiated sale for 28lakhs but now i see the quideline value comes to around 70lakhs for my plot alone. Plots around are half of it, is there a law I can claim that my plots guideline value is high and request to reduce it to the sold amount?

Robin
Chennai

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Guest (Expert) 06 January 2015
It is Really Happening in South India that Prices were jumping.Decreasing Guide Line Value will Not be an Easy Task.Discuss with the Concerned Registrar and Seek the Possiblities Or the Only Option would be to Request the Buyer to Bear the Cost.

Robinson Victor (Querist) 06 January 2015
I understand there is a section 41a or something wherein we can request to reduce the guideline value since its double that of the plots closer to mine?

Isaac Gabriel (Expert) 08 January 2015
You can get the documents registered with the value less than the guideline.But you to go a long way in getting the documents because of the process.

B K Raghavendra Rao (Expert) 08 January 2015
Fixing up guidance value is done by the state government. Before fixing up the guidance value, the authorities would publish draft guidance value and offer an opportunity for the public to object. Once the guidance value is revised, it would not be reverted. However, this would not affect the purchases of land or immovable property for a lesser amount. Only two points arise - (a) stamp duty and registration charges are to be paid as per the guidance value even though the purchase value is lesser than that (b) purchaser becomes answerable for undervaluation of the property.

T. Kalaiselvan, Advocate Online

(Expert) 09 January 2015
Expert Mr. Raghavendra Rao's opinion seems to be most acceptable and I concur with his views.

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