What is the different between Guide Line Value and Market Value?
I am looking for a plot at Nemilicherry. I have seen a few plots near Vignesh Nagar, Nanmangalam. The rates as per the Govt. Guide value is low compared to Market Value.
Is there a difference in Market Value and GLV justifiable?
Guideline value is basically a value provided by Government, Periodically (yearly generally). Guideline values are particularly of an area or locality, stamp duty is levied on that value. It's job of state revenue department and alos Guideline value is a Permanent Value that is illustrated by Government.
Market value is determined by market sentiments and mostly depend on buyer how much he is willing to pay. Buyers have the rights to negotiate and its depends upon the individuals. Market value of individual units may vary depending upon condition and location of property but guideline values are same for all units in same locality.