TN Govt issues fresh norms for composite valuation

CHENNAI: A week after rolling out a new three-tier guideline value for apartment complexes in Chennai and its suburbs, the Tamil Nadu government on Friday withdrew the order and revised the composite valuation with fresh norms.

This came after the members of the real estate sector submitted a memorandum to the State Minister for Commercial Taxes and Registration P Moorthy to rollback registration charges and changes in three-tier composite values.

According to the IG of Registration department, "The composite value should be ascertained and determined through field surveys conducted with the common man and through the advertisements by the construction firms. The aggregate value for the apartments corresponding to each village shall be determined on the basis of each street/survey number located in the village. While making such determination survey number/streetwise composite value shall be determined based on their merits/disadvantages and development. Also, composite value should be calculated for a super builtup area by considering all saleable areas including carpet area of an apartment. After determining the total value, it should be multiplied with the total area of the building (super built up area)."

"Such increased amount or the apartment value mentioned in the document, whichever is higher, should be charged stamp duty and registration fee. Only one aggregate value per street should be determined. This value should be observed for all flats falling under a street/survey number. If an apartment is constructed in the areas based on survey number without a street, then the DIGs should fix the correct value for that apartment separately, " read the statement from state registration department.

It further said that any value for any place fixed by DIGs may be revised by IG by taking suo moto at any point of time.

However, it clarified that after the fixation of composite value, if the value is higher than the composite value observed by the documenter, the value need not be carried over to the subsequent document.

Meanwhile, the new norms are not applicable for the TNHB and TNUHDB apartments.