CHENNAI: In a significant move, the Tamil Nadu government has officially determined the composite value for properties situated on more than three lakh roads and streets across the state. The announcement, made on Wednesday, includes the composite values for nearly 1.5 lakh streets and roads in Chennai alone.
The highest composite value has been set at 28,500 per sqft in and around the Boat Club area, with registration charges fixed at a flat 7% of the composite value. For instance, in St Mary’s Road in Mylapore, a 1,000 sqft flat would now incur registration charges of 13 lakh at 7% of the newly fixed composite value of 15,000 per sqft.
In specific areas like North Chennai’s Muthialpet – from Thambu Street to Mooker Nallamuthu Street – the rate has been set at 16,500 per sqft, while the composite value remains the same for Bazullah Road in T Nagar.
The lowest values are in suburban Tambaram, ranging from ₹3,800 to around ₹6,000. An official from the state registration department explained that not all streets were covered, as some may not be suitable for multi-storied buildings. The values were determined based on the lowest rate in a basic apartment complex, with a slight reduction of ₹500.
Builders, while expressing no major complaints about the new rates, have called for a reduction in stamp value from 7% to 4%. This follows a recent three-tier guideline value rolled out by the registration department, which was subsequently withdrawn after opposition from developers and home-buyers due to higher registration charges.
The decision to fix composite values for such a vast number of roads and streets underscores the government’s effort to bring uniformity and clarity to property assessments. The new values are expected to have wide-ranging implications on property transactions and development across the state.
