The Tamil Nadu government on Wednesday fixed the composite value for property on more than three lakh roads and streets across the state.
In Chennai alone, the composite value for close to 1.5 lakh streets and roads has been announced. The highest being 28,500 per sqft in and around the Boat Club area. Registration charges are a flat 7% of the composite value.
Now, you will pay 13 lakh as registration charges for a 1,000sqft flat on St Mary’s Road in Mylapore at 7% of the composite value, which has been fixed at 15,000 per sqft. Earlier the registration charges were 8.5 lakh for the flat with an undivided share (UDS) value of 50 lakh and construction cost of 1 crore.
In North Chennai’s Muthialpet – Thambu Street to Mooker Nallamuthu Street – the rate has been fixed as 16,500 per sqft. The composite value is the same for Bazullah Road in T Nagar.
The value is lowest in suburban Tambaram, starting at ₹3,800 and rising to around ₹6,000.
“We have not covered all streets as some may not be suitable for multi-storied buildings. We arrived at the value based on the lowest rate in a basic apartment complex. In fact it is ₹500 less,” said an official from the state registration department.
Some builders said they don’t have complaints about the new rates , but want the stamp value to be reduced from 7 to 4%.
Recently, the registration department had rolled out a three-tier guideline value under which each neighbourhood would have a uniform guideline value for three categories of apartment complexes – basic, premium and ultra-premium – based on amenities.
The government rolled it back after developers and home-buyers opposed the formula as it entailed higher registration charges.