New Regulations for evaluation and registration of multi-storeyed Apartments
Posted on: 16/Dec/2023 12:14:39 PM
In a recent development, the authority to change the assessed value of multi-storeyed apartments has been granted to the Head of the Registration Department by the Chiefs of the Department of Registration.
The State Government of Tamil Nadu has issued new regulations for assessing the value of multi-storeyed apartments. The notification, issued on Friday, December 15th, by the Chief of the Department of Registration, Dinesh Ponraj, outlines the following details:
The assessment of the price of a multi-storeyed apartment includes the plot value of the building, varying based on prevailing price rates in respective localities.
The value-added assessment of multi-storeyed apartments is conducted by Assistant Registration Officers in their respective zones. While conducting assessments, Assistant Registrars MUST adhere to specific regulations:
- 1. The value-added assessment is based on data obtained from surveys conducted on citizens and advertisements released by builders.
- 2. The value-added assessment for each multi-storeyed apartment on a given street or land survey number depends on the village or location.
- 3. A single value-added assessment MUST be done for the entire street, ensuring all multi-storeyed apartments have the same assessed value.
- 4. If a street hasn`t been formed, and multi-storeyed apartments are constructed in an area with a survey number, a separate value-added assessment MUST be performed.
Increases and reductions:
If the public finds the value-added assessment made by the Chief of the Registration Department to be excessively high, a reassessment can be requested, and the value may be reduced by up to 10%. Conversely, if the value-added assessment is considered too low, the value can be increased by up to 10%. Assistant Registrars have the authority for these adjustments. If corrections exceed a 10% increase or reduction, details must be submitted, along with all suggestions and recommendations, to the Council of the Guides.
The values assessed by Assistant Registrars may undergo independent review by the Chief of the Registration Department, who has the authority to make changes.
