New guideline values for Chennai properties expected to come into force next year

Chennai:

The guideline value of properties in Chennai is set to undergo a drastic change with the new values expected to come into effect by January, 2012, according district collectorate sources.

The draft guideline value which is kept open for eliciting public views will come into being after getting clearance from state committee of Inspector General of registration, said Chennai Collector (in charge) K A Annamalai.

The new draft guideline has classified the residential areas in 59 villages of Chennai into three categories – commercial, residential-commercial and residential areas. The three categories were further classified into rich or elite class, high and middle class, middle class and slums, said official sources.

Revenue officials told Express that the revised draft guidelines are of 14 villages in North Chennai, 24 villages in South Chennai and 21 villages in Central Chennai.

Annamalai said the current draft guideline captures the real market value of the property as the earlier one was four years old and the property prices has since then risen drastically.

Interestingly, the costliest place in the city is Dr Radhkrishnan Salai, which starts from TTK Road to Dr Natesan Salai. The proposed guideline value per square feet is Rs 28,000 while the earlier guideline value per square feet was 19,675. Similarly the lowest proposed guideline value is of Srinivasapuram in Tondiarpet which is priced at Rs 1,000 per square feet. This area consists of slums as such its value has not risen.

Similarly, R K Salai from TTK Road to Dr Natesan Salai is the costliest business area with per square feet costing Rs 31,500. In Nungambakam High Road the proposed per square feet is Rs 23,500. Usman Road is priced at Rs 20,000 where as it was earlier priced was Rs 12,000. Koyambedu Market which was priced Rs 2,600 in 2007 is proposed at Rs 6,000 per square feet.

Similarly, the proposed guideline value of Gopalapuram was Rs 15,000 while that of Poes Garden was Rs 28,000.

Interestingly, the authorities have yet to classify the figures available through various registeration departments into cheapest and costliest places and a communiqué was sent to the departments to classify them accordingly.

Box: (residential)

Name                               Proposed     Existing

R K Salai                         Rs 28,000    Rs 19,675
 

Anna Salai                      Rs 25,000   Rs 10,100

Thousand Lights              Rs 22,000    Rs 10,661

(Jayant Salai)

Tiruvanmiyur                    Rs 8,000      Rs 6,000

Nungambakkam              Rs 23,500    Rs 19,305

Koyambedu                     Rs 11,500    Rs 6,346

(J N Salai)

Kodambakkam               Rs 22,000     Rs 10,661

Commercial:

R K Salai                         Rs 31,500    Rs 19,675

Nungambakkam             Rs 23,500     Rs 19,305
High Road

Usman Road                 Rs 20,000     Rs 12,000

Koyambedu                   Rs 6,000       Rs 2,600