The Registration Department has reversed its recent controversial decision to determine three different composite values for new apartments in each revenue village in the Chennai Metropolitan Area and other parts of the State. Instead of the proposed basic, premium, and super-premium values, the department will now calculate a single composite value for each street within a revenue village.
This move is aimed at reducing anomalies and simplifying the process for builders and buyers. The Registration Department will consider the super built-up area, comprising the carpet area and common space, during the composite value calculation. Stamp duty and registration fees will be based on this value, with different rates for apartments below ₹50 lakh, between ₹50 lakh and ₹3 crore, and over ₹3 crore.
The change also streamlines documentation, requiring only one document for completed buildings, and mandates disclosure of the building’s stage if incomplete. The State government has issued an order prohibiting the previous practice of two separate documents for building construction and land sale. The composite value for each street will be fixed by deputy inspectors general of registration, and discrepancies will be addressed by the registering officer. Appeals can be filed to the central valuation committee for further adjustments.