The Chennai chapter of CREDAI has filed a writ before the Madras High Court against a February 2023 Circular issued by the Registration Department that revised Guideline Values to prevailing rates until June 8, 2017, from April 1, 2023. The circular aims to revise the Guideline Values to the prevailing rates until a new set of guidelines is framed. In response to the filing of the writ petition, the Madras High Court has directed the Tamil Nadu government to follow the 2017 Market Value Guidelines (MVG) until new guidelines are formulated. The court’s directive would enable the stakeholders in the real estate sector to have more clarity and stability in property transactions until the new guidelines are put in place. The writ petition filed by CREDAI seeks a stay on the Circular and requests the court to quash it, arguing that it violates the principles of natural justice and would adversely affect the interests of property buyers and developers.