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CHENNAI: The Tamil Nadu government’s market value guidelines will now categorize streets as commercial, mixed-use, or residential based on the proportion of commercial electricity connections. This initiative comes as part of a corrective measure directed by the registration department, aimed at resolving eight identified anomalies from a high-level committee’s assessment. However, officials warn that staffing shortages may hinder the enforcement of these changes.
The goal of these adjustments is to bridge the gap between guideline values and actual market values. Streets with 60% or more properties having commercial electricity connections will be marked as commercial, while those with 25% to 60% of such connections will be designated as mixed-use, and areas with fewer than 25% will be deemed residential. This classification will depend on street maps and electricity connection data from the Tamil Nadu e-Governance Agency (TNeGA), which will be verified against property tax records.
In 2024, a similar initiative was attempted but not executed. This time around, reports need to be prepared promptly and sent to district-level valuation committees.
This strategy follows a valuation committee meeting held on July 15, in which the inspector general of registration acknowledged concerns raised in the committee’s report under the Tamil Nadu Stamp Rules, 2010, allowing district-level valuation sub-committees to take necessary actions.
During discussions, the committee pinpointed inconsistencies in valuations concerning crossroads and branch roads adjoining main roads, advocating for uniform valuation of roads with similar dimensions and usage. For instance, one sub-registrar referenced discrepancies along the East Coast Road through Poonamallee, where bordering villages have guideline values that vary significantly, from Rs 2000 to Rs 500.
Areas adjacent to rapidly growing localities will also get a fresh valuation. The committee observed that villages like Navalur and Vengaivasal near Sholinganallur possess lower valuations despite showing comparable development.
The department is on the verge of rectifying errors related to survey numbers applied in street valuations. Any missing survey numbers along highways and district roads will be identified and valued according to their proximity to commercial hubs, industrial zones, transport centers, and village boundaries.
Additionally, agricultural land mistakenly categorized as residential plots will be examined using AgriStack records and rectified when needed.
The department has mandated a reassessment of market values in 1,020 villages and panchayats adjoining urban areas, taking into account factors such as registered sale values, average market prices, field surveys, land acquisition costs, and bank sale certificates.
Recommendations from district collectors will be sent through valuation sub-committees before implementing the corrections in the guideline register. One sub-registrar remarked, “Though it’s a positive step, our staffing shortage, which stands at 40%, may impede effective execution.” Meanwhile, S Ramprabhu, chairman of the Builders Association of India’s DTCP committee, expressed support for the initiative and advocated for semi-annual reviews of guideline values based on registration trends.
