advantages of registering property @ higher market value

Which part of country your property blong to.  You should pay the stamp duty as per the ready racknor prepared by Registrar of Stamp.  Any unregistered document is not admissible in any court proceeding, and you will be consider as  devoid of title.  However, deficit stamp duty can also be recovered by authority by impounding doucments, if it brought to their knowledge.

If you sell the property to another person on later date, the diferrence in value found in both the sale deed shall be treated as capital gain. You have to pay tax for teh gain

If you purchase the property with lower value, the gain is more and the tax too.

On the other hand, if you register the purchase deed with higher/ real value, the capital gain shall be less.

So this is one benefit that I know

I agree with Mr. A.Vijayan, The benefit, when you register the property for the guideline value is that, you save on the stamp duty, registration charges etc., but later when you sell it, you will be liable to pay more capital gains tax. The loss in this proposition is,  you can avail loan only as per the value in the sale deed.

But when you register the deed as per the market value, then you save on capital gains tax when you sell the property. You can also avail more loan amount. But the loss in this is, you have to pay higher stamp duty and registration expenses.