In a move aimed at enhancing transparency and fairness in property transactions, the state govt has amended the stamp rule framework to introduce the concept of composite value for apartments and flats, and has also enabled more flexible revisions of guideline values. The new rules, notified on June 23, mark a shift in the way property valuation is conducted in TN. They empower the valuation committee to revise guideline values at any point during the year, rather than waiting for a specific month. "Earlier, revisions were tied to Oct. But if a decision to revise was taken in April, we had to wait. Now, updates can happen whenever needed. But the process has not been changed. District level committees will still be involved in decision making. They also direct officials to consider new parameters while valuing apartments under TN Apartment Ownership Act, 2022, including quality of construction, width of the road, proximity to transport and markets, and amenities provided. All district registrars and sub-registrars have been instructed to implement the changes immediately. The department's online systems will also be updated, and revised values published in the coming weeks. Echoing similar sentiments, J M S Nagarjunan, general secretary, Alliance of Residents Welfare Associations, pointed to the wide gap between guideline and market values in places such as Nanganallur, where land sells for 12,000/sqft but the guideline rate is just 4,500. "This gap encourages black money. If guideline values are increased reasonably, —say to 9,000—it will reduce underhand dealings and reflect realistic pricing," he said, adding that the govt should also consider lowering stamp duty to benefit genuine homebuyers.
 

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