+
TN govt sets new property values, sparks debate on registration charges
Real Estate

TN govt sets new property values, sparks debate on registration charges

Tamil Nadu government established the composite value for properties on over three lakh roads and streets statewide. In Chennai alone, nearly 1.5 lakh streets and roads now have designated composite values, with the highest reaching 28,500 per sq ft around the Boat Club area. The registration charges are a fixed 7% of the composite value.

For instance, a 1,000 sq ft flat on St Mary's Road in Mylapore will incur 13 lakh as registration charges at 7% of the composite value, set at 15,000 per sq ft. This is a notable change from the previous 8.5 lakh registration charges for a flat with an undivided share (UDS) value of 50 lakh and construction cost of 10 million.

In North Chennai's Muthialpet, from Thambu Street to Mooker Nallamuthu Street, the rate is established at 16,500 per sqft, while Bazullah Road in T Nagar maintains the same composite value. The suburban Tambaram sees the lowest values ranging from ?3,800 to around Rs 6,000.

An official from the state registration department explained that not all streets were covered, particularly those unsuitable for multi-storied buildings. The values were determined based on the lowest rate in a basic apartment complex, which is actually Rs 500 less.

Despite some builders expressing contentment with the new rates, they advocate for a reduction in the stamp value from 7% to 4%. The government had previously introduced a three-tier guideline value, but after facing opposition from developers and home-buyers due to higher registration charges, it was subsequently rolled back.

Tamil Nadu government established the composite value for properties on over three lakh roads and streets statewide. In Chennai alone, nearly 1.5 lakh streets and roads now have designated composite values, with the highest reaching 28,500 per sq ft around the Boat Club area. The registration charges are a fixed 7% of the composite value. For instance, a 1,000 sq ft flat on St Mary's Road in Mylapore will incur 13 lakh as registration charges at 7% of the composite value, set at 15,000 per sq ft. This is a notable change from the previous 8.5 lakh registration charges for a flat with an undivided share (UDS) value of 50 lakh and construction cost of 10 million. In North Chennai's Muthialpet, from Thambu Street to Mooker Nallamuthu Street, the rate is established at 16,500 per sqft, while Bazullah Road in T Nagar maintains the same composite value. The suburban Tambaram sees the lowest values ranging from ?3,800 to around Rs 6,000. An official from the state registration department explained that not all streets were covered, particularly those unsuitable for multi-storied buildings. The values were determined based on the lowest rate in a basic apartment complex, which is actually Rs 500 less. Despite some builders expressing contentment with the new rates, they advocate for a reduction in the stamp value from 7% to 4%. The government had previously introduced a three-tier guideline value, but after facing opposition from developers and home-buyers due to higher registration charges, it was subsequently rolled back.

Next Story
Real Estate

MoHUA Sanctions 1.47 Lakh Additional Houses Under PMAY-U 2.0

In a major push towards the Government’s Housing for All mission, the Ministry of Housing and Urban Affairs (MoHUA) has approved 1,46,582 additional pucca houses under Pradhan Mantri Awas Yojana – Urban 2.0 (PMAY-U 2.0) for 14 States/UTs, bringing total sanctions under the revamped scheme to 8.56 lakh.The decision came during the fourth meeting of the Central Sanctioning and Monitoring Committee (CSMC), chaired by Srinivas Katikithala, Secretary, MoHUA, at the Ministry’s Kasturba Gandhi Marg office. Senior officials, State Principal Secretaries, and PMAY-U Mission Directors participated ..

Next Story
Real Estate

Piyush Goyal Inaugurates Expanded ISA Building at Intellectual Property Office

Union Minister of Commerce and Industry, Piyush Goyal, today inaugurated the newly expanded International Searching Authority (ISA) building at the Intellectual Property Office (IPO) in Dwarka, New Delhi, marking a major step forward in India’s intellectual property ecosystem.Addressing the gathering, Goyal highlighted that innovation has been central to India’s heritage for centuries, citing the engineering brilliance of the Konark Temple as a historic example. He emphasised that innovation is not just intellectual property but a symbol of sovereignty, and a key driver in India’s journe..

Next Story
Real Estate

SIEGER Boosts Automation in Mumbai Realty

SIEGER, a leading automation solutions provider, is expanding its advanced manufacturing capabilities to meet the surging demand for precision, high-speed automation in Mumbai’s rapidly growing real estate sector.Operating from a 21,000 m² advanced production hub in Coimbatore—part of a 40,000 m² integrated campus—SIEGER offers complete solutions from design and prototyping to manufacturing and deployment. The fully digitalised facility features CNC machining, QR-coded component tracking, conveyorized powder coating, and a Government of India–certified R&D centre, ensuring unmatc..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?