The registration of apartments in Chennai and other parts of the State has come to a standstill from December 1 after the State government’s announcement of single document system with composite valuation methodology for apartments, according to the Associations of builders in the State.
Addressing media persons on Thursday, CREDAI National South Zone vice president S.Sridharan said there has been a steep increase in registration charges by almost 140% from March to December 2023 which is a huge burden on home buyers. “As registration of apartments have stopped completely, the housing industry has come to a standstill,” said Mr.Sridharan.
Credai Chennai president S.Sivagurunathan said home buyers were not closing deals, owing to lack of clarity after the announcement on December 1. “The implementation of the new system will have a severe negative impact on homebuyers, particularly middle-class and first-time buyers, who will now be priced out of the market. This will lead to a decline in housing affordability and a decrease in the overall demand for homes. It is evident that, in its eagerness to enhance revenue, the Registration Department is expediting significant changes without fully contemplating their implications. This rush with one week’s notice has raised uncertainty,” he said.
