April 3, 2012

Propety Value Revision, April 2012

For those complaining about the increase in property prices in Tiruvannamalai, I thought it might be interesting to check out the property value revision of various areas in Chennai – which makes the prices at Tiruvannamalai seem comparatively modest! 

An extract from the property pages of a Tamil Nadu paper reads: 

“The real estate scenario is set to witness a sea change across the State with a property guideline value revision set to take effect from April. 

The proposed guideline revision, after the previous revision in 2007, envisages a steep increase in land costs in South Chennai with a seven-fold increase in several upmarket areas, while North Chennai areas will witness only a moderate two to threefold increase in their guideline values. 

For instance, a square foot of land costs Rs.2,365/- in Abhiramapuram 1st Street, a South Chennai locality, which, as per draft guideline value, has shot up to Rs.15,000/-, which is nearly seven times its present value.

After the release of the draft guideline values, there was a mad rush in registration offices, with property buyers mulling to register their properties as early as possible anticipating a drastic increase in documentation charges. On the other hand, property developers have been luring the buyers offering attractive terms resulting in State Government’s kitty swelling by several hundred crore rupees”. 

Guideline Values per square foot 

Boat Club Road Old Rs.4,500/- New Rs.23,000/-
Adyar Club Road Old Rs.8,400/- New Rs.23,000/-
Anna Salai Old Rs.10,500/- New Rs.19,000/-
Arya Gowda Street Old Rs.2,500/- New Rs.7,300/-
Tambaram Old Rs.2,500/- New Rs.7,000/-
MTH Road Old Rs.1,500/- New Rs.4,500/-
Thana Street Old Rs.3,000/- New Rs.8,500/-
Paper Mills Road Old Rs.900/- New Rs.6,000/-

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