TN announces new property values for 3 lakh

The Tamil Nadu government has 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 sq ft. 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 Rs 3,800 and rising to around Rs 6,000.