New property values announced now for the streets & roads in Chennai and TN !!
Posted on: 04/Jan/2024 9:20:10 AM
On Wednesday, 3rd January 2024, the TN govt fixed property value on more than 3 lakh roads and streets across the state of TN.
It is worthy to note that in Chennai alone the composite value to 1.5lakh streets and roads has been announced. Information collected is that the highest value is 28500 per sqft in and around Boat Club. It must be noted that the registration charges are a flat 7% of the composite value.
In other words, for a 1000 sqft flat located on the St Marys Road in Mylapore, the buyer would have to pay Rs 13lakhs as charges for registration. This would be at 7% composite value which has been fixed at 15000 per sqft.
It must be recalled that in the past the registration charges were Rs 8.5lakh for flat with undivided share UDS value of Rs 50 lakh & construction cost of Rs 1 cr.
In north Chennai based Muthialpet that is from Thambu Street to Mooker Nallamuthu Street, the rate has been fixed as Rs 16500 per sqft. For Bazullah Road in the busy T. Nagar locality, the composite value is also Rs 16500 per sqft. The composite value is lowest in suburban Tambaram starting Rs 3800 and rising to around Rs 6000.
It was brought out by an officer from the state registration dept that all the streets were not covered as some streets might not be suitable for multi-storeyed buildings. Based on the lowest rate in the basic apartment complex, the rate was arrived. As per some builders it was clear that they do not have any complaints about the new rates. They just want the stamp value to be reduced from 7% to 4%.
It is known that recently the registration dept has rolled out 3 tier guideline values under which each neighbourhood would have a guideline value for 3 categories of apartment like basic, premium and ultra-premium depending on the amenities. As it entailed higher registration charges and was opposed by the developers and home buyers etc, the TN govt rolled it back.
