January 4, 2024: The Tamil Nadu government, on January 3, 2024, announced the composite value for property on more than three lakh roads and streets across the state, according to a TOI report. The composite value of nearly 1.5 lakh streets and roads in Chennai was announced. The highest value is 28,500 per square foot (sqft) in and around the Boat Club area. It must be noted that the registration charges are 7% of the composite value.
For a flat of 1000 sqft area located on St Marys Road in Mylapore, a buyer would have to pay registration charges of Rs 13 lakh. This will be at 7% composite value which has been fixed at 15,000 per sqft.
Earlier, the registration charges were Rs 8.5 lakh for flat with an undivided share (UDS) value of Rs 50 lakh and a construction cost of Rs 1 crore.
In north Chennai’s Muthialpet, from Thambu Street to Mooker Nallamuthu Street, the rate has been fixed as Rs 16,500 per sqft. For Bazullah Road in T. Nagar, the composite value is Rs 16,500 per sqft. The composite value is lowest in suburban Tambaram, starting at Rs 3,800 and rising to around Rs 6,000.
As cited in the media report, an official from the registration department said they have not covered all streets as some may not be suitable for multi-storied buildings. They had arrived at the value based on the lowest rate in a basic apartment complex. It is Rs 500 less, he added.
Recently, the government introduced 3-tier guideline values in which each neighbourhood would have a guideline value for three categories of apartments such as basic, premium and ultra-premium, depending on the amenities. However, the government rolled it back after developers and homebuyers opposed the formula, which involved higher registration charges.
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Harini is a content management professional with over 12 years of experience. She has contributed articles for various domains, including real estate, finance, health and travel insurance and e-governance. She has in-depth experience in writing well-researched articles on property trends, infrastructure, taxation, real estate projects and related topics. A Bachelor of Science with Honours in Physics, Harini prefers reading motivational books and keeping abreast of the latest developments in the real estate sector.
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